Sweden will increase its defense spending by €28 billion over the next 10 years. The investment will be the country's biggest rearmament since the Cold War, IPN reports.

"Sweden's defense spending already exceeds NATO's 2% target, but that is not enough. Our aim is to strive for a higher target at the NATO summit in The Hague," Swedish Prime Minister Ulf Kristersson said.

The military plan aims to increase Sweden's defense spending to about 3.5% of GDP by 2030. The investment will be financed by loans of about 300 billion Swedish kronor.

Sweden radically cut its defense spending after the end of the Cold War in 1991, but reversed course after Russia's illegal annexation of Crimea in 2014.

Sweden became the 32nd member of the North Atlantic Alliance in March 2024.

Photo source: Swedish Armed Forces