Borrell: EU spends over $62 billion for military equipment in 2023

EU High Representative for Foreign Affairs and Security Policy Josep Borrell has said that the EU member states spent 58 billion euros ($62 billion) to purchase military equipment in 2023.

Borrell made these remarks during a press conference in Brussels, according to TASS.

He clarified that the EU member states will continue to engage in similar activity.

Borrell noted that the EU defence industry does not have enough funding to produce the necessary volume of weapons to help Ukraine and to meet the needs of European countries.

"Today there is a lack of financing, rather than production capacity. Funding is fundamentally important. We need financing to meet the existing demand. The EU is in danger, and therefore, defence policy must be transferred from an emergency mode to a long-term vision. We should move from an emergency regime to a long-term vision. We should continue rendering military support to Ukraine and continue producing weapons," he added.