EU proposes 2 trillion euro seven-year budget hiking defense funding

• “This is a budget for the realities of today, as well as the challenges of tomorrow,” European Commission President Ursula von der Leyen said during a press conference.
• The proposal must still be approved by the European Parliament and EU member states and could undergo changes in that process.

The European Union's executive arm on Wednesday put forward a proposal for a 2 trillion euro ($2.31 trillion) seven-year budget for the bloc starting in 2028, with a significant increase in funding allocated for defense.

“This is a budget for the realities of today, as well as the challenges of tomorrow,” European Commission President Ursula von der Leyen said during a press conference. Around 35% of the budget will go toward climate and biodiversity projects, she said.

“We are proposing 131 billion euros for the defense and space window within the competitiveness fund, that is five times of what we have today, because we know that security is a top concern for citizens and governments,” Von der Leyen added.

The proposal must still be approved by the European Parliament and EU member states and could undergo changes in that process.