Europe will need five to ten years and huge monetary investments to rebuild its defence industry. This was reported by Politico newspaper with reference to a number of current and former military officials.
“It will take Europe huge sums of money and five to 10 years to reverse decades of underinvestment in the military and rebuild its industrial base,” Politico writes.
According to the newspaper, Europe has never truly entered a wartime economy, despite the conflict in Ukraine.
“Europe ‘urgently needs’ more strategic vehicles, space-based capabilities for early warning and ground-based assets such as anti-tank equipment, air defence and anti-drone warfare,” the publication explains.
The promise to supply Ukraine with a million shells by March, made a year ago, looks “almost certainly impossible to fulfil”, Politico concludes.
We shall remind you that in mid-December 2023, Hungary vetoed the EU’s decision on a long-term €50bn aid programme for Ukraine.