Sweden Announces €28 Billion Defense Spending Increase in Largest Buildup Since Cold War

The NATO member plans to allocate 3.5% of GDP to defense by 2030, citing security concerns over Russia and uncertainties in transatlantic relations.

Sweden's government has committed to increasing defense spending by €28 billion over the next decade, marking its largest military buildup since the Cold War.
Prime Minister Ulf Kristersson emphasized the decision is a response to a 'completely new security situation' following Russia's invasion of Ukraine and ongoing uncertainty in U.S.-European relations.
The country aims to raise defense spending to 3.5% of GDP by 2030, up from the current 2.4%, significantly exceeding NATO's 2% target.
Unlike previous defense budget increases, the additional funds will be credit-financed, reflecting the economic trade-offs involved in addressing heightened security needs.
Sweden's shift from neutrality to NATO membership in 2023 underscores its deeper integration into collective security frameworks as it bolsters its military capabilities.