Denmark Plans $17 Billion Defense Spending Hike to Deter Russia
- Military expenditure to rise to 3.2% of GDP from 2.4% in 2024
- Plan follows worries of higher risks for European NATO members
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Denmark will boost its defense spending to more than 3% of economic output as the nation seeks to counter an escalation in security threats from Russia.
The AAA rated Nordic country will spend an additional 120 billion kroner ($17 billion) on defense through 2033, Defense Minister Troels Lund Poulsen said at a news briefing on Wednesday. Some 50 billion kroner of these will be funneled to the Danish military, which used 2.4% of gross domestic product last year, through a so-called “acceleration fund” this year and next.