Europe’s Defense Spending May Need to Nearly Double

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The 15 largest European members of NATO will need to nearly double their annual military investment to $720 billion — adding $340 billion — to bolster capacity against Russia and offset the possibility of less US support under a Donald Trump presidency, according to a Bloomberg Intelligence report published today. The extra spend would cover battle tanks, artillery and infantry fighting vehicles for ground forces as well as support aircraft such as tankers, cargo and sub-hunters, the report says. Yet after decades of underinvestment stretching back to the end of the Cold War, rearmament at this scale could take more than a decade. Defense ministers will gather in Brussels today, joined by NATO Secretary General Mark Rutte.