Germany’s push to rearm in response to mounting Russian aggression in Europe will see its annual defense budget double to as much as €162 billion ($189 billion) within four years.
That annual tally should be achieved by 2029, well ahead of the NATO alliance’s target for military outlays to reach 3.5% of gross domestic productBloomberg Terminal by 2035, according to a senior government official. The total includes €9 billion a year for Ukraine to support its fight against Russia.