Media: EU discusses €700 billion plan for defence spending and Ukraine support

The European Union is considering a large-scale plan to increase defence spending and provide military aid to Ukraine, with funding expected to reach approximately €700 billion.

German newspaper Berliner Zeitung states that amid US President Donald Trump’s plans to end the war in Ukraine, the EU is discussing a large defence funding package.

There has been no official public announcement regarding the funding amount. However, Berliner Zeitung cites German Foreign Minister Annalena Baerbock, who hinted in an interview with Bloomberg at the Munich Security Conference that the package could be around €700 billion.

"We will launch a large package that has never been seen in this dimension before. Similar to the euro or the corona crisis, there is now a financial package for security in Europe. That will come in the near future," Baerbock said in an interview conducted before the emergency Ukraine summit in Paris on 17 February.

As the agency noted, the spending plans will not be announced until after the German elections on 23 February to avoid political disputes ahead of the vote.

During her speech at the Munich conference, Baerbock stressed that peace in Ukraine will only come through strength.

"For peace, we need robust and long-term security guarantees for Ukraine, we need a strong NATO and progress on Ukraine’s negotiations on accession to the European Union," she noted.

At the same event, Baerbock also promised to invest more in arms and military equipment.

"During the COVID pandemic, we saw what Europe can do. We need to invest once more at a level that reflects the historical milestone at which we stand. Not more, but certainly not less," she added.

During the pandemic, the EU created a €672.5 billion recovery fund, available over six years to help member states rebuild after the crisis.

Berliner Zeitung reports that the new defence and Ukraine aid package could be funded through joint borrowing, similar to the coronavirus recovery fund.

Following the Munich Security Conference (14-15 February), French President Emmanuel Macron called an emergency meeting in Paris.

The summit came after Keith Kellogg, Trump’s special envoy for Russia and Ukraine, stated that the US does not see Europe at the negotiating table in discussions about ending the war.

This stance clashes with the EU’s position, as European leaders insist that a peace agreement without Europe is not an option.

Even before the meetings in Munich and Paris, US Defense Secretary Pete Hegseth did not rule out that future US aid to Ukraine could be a factor in negotiations to "end the war".