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Finland Makes 70% Defense Spending Increase in Shadow of War

  • Nordic country’s government agreed on budget plan for 4 years
  • Russia’s neighbor to boost military outlays by 2 billion euros
Finance Minister Annika Saarikko

Finance Minister Annika Saarikko

Photographer: Valeria Mongelli/Bloomberg
Updated on

Finland’s five-party government agreed to add more than 2 billion euros ($2.2 billion) in defense spending after its neighbor Russia launched an invasion of Ukraine.

The one-time boost in expenditure represents about a 70% increase from the Nordic country’s regular 2022 military budget of about 2.8 billion euros.