EU Approves New $219 Billion Scheme to Rearm

The European Union on May 27 approved the creation of a €150 billion (S$219 billion) EU arms fund, driven by fears of a Russian attack in the coming years and doubts about US security commitments to the continent.

- 

BRUSSELS -

The approval, by ministers from EU countries meeting in Brussels, was the final legal step in setting up the Security Action for Europe (Safe) scheme, using joint EU borrowing to give loans to European countries for joint defence projects.

The measure was backed by 26 of the EU's 27 member countries, with Hungary abstaining, diplomats said.

"We adopted Safe - first large-scale defence investment programme on the EU level," Poland, which holds the EU's rotating presidency, said on X.

"The more we invest in our security, the better we deter those who wish us harm."