Denmark will triple its military investment in the next decade

Denmark will triple its military investment

Denmark announced this Tuesday (05.30.2023) that it will triple its military spending in the next 10 years, after the Russian invasion of Ukraine, with investments in the east, the North Atlantic and the Arctic.

In 2024, military spending will amount to 6.9 billion kroner, up from 6.7 billion this year, and should triple to 19.2 billion in 2033 ($2.8 billion), according to the government project. These measures will be financed above all with the suppression of a holiday.

Likewise, the executive wants to allocate 2% of its GDP to defense by 2030 (an objective of NATO, of which it is a member).

“The government wants to considerably strengthen Denmark’s defense and security,” Acting Defense Minister Troels Lund Poulsen said in a statement. “We must protect Denmark and fulfill our obligation to ensure joint responsibility for security in the Baltic.”

Danish Prime Minister Mette Frederiksen, whose name is circulating as a possible new NATO Secretary General, already announced on Monday new financial aid to Ukraine for an additional amount of 2.4 billion dollars in 2023 and 2024.

“Denmark has to continue to support Ukraine in a meaningful way,” said Lund Paulsen.