The Swedish government announced today that it will increase its defense investment by 300 billion kronor (about 28 billion euros) over the next ten years.
The investment will be financed by loans and represents "the most important rearmament since the Cold War," Swedish Prime Minister Ulf Kristersson said at a press conference.
"The security situation is completely new and uncertainty will remain high for a long time. The goal is to reach 3,5 percent of gross domestic product (GDP) by 2030, compared to the current 2,4 percent," Kristerson added.
Sweden has already earmarked funds for its defense spending, which should allow it to reach 2026 percent of GDP by 2,6, well above the two percent benchmark recommended by NATO.
"That is not enough. We believe that NATO, and especially the European NATO member states, must take significant steps in the coming years," the Swedish prime minister said at a time when Washington's support for its European allies has become increasingly uncertain since Donald Trump's arrival in the White House.
Sweden ended 200 years of military non-alignment by joining NATO in March 2024 after the start of the Russian invasion of Ukraine in February 2022.
The prime minister declared in January that his country was "not at war, but not at peace either," stressing the importance of strengthening the country's defenses.
Speaking about hybrid attacks in the region, Kristerson told the annual defense forum that "the Russian threat is likely long-term, as is Swedish defense."
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