Europe Eyes Unprecedented €700 Billion Military Aid Plan for Ukraine

The European Union is reportedly working on a multi-billion-euro defense package to support Ukraine’s war effort, with German Foreign Minister Annalena Baerbock hinting at the sheer scale of the upcoming package, suggesting it could be worth around $732.2 billion (€700 billion), German media Berliner Zeitung reported on February 18.

However, EU leaders recognize the sensitivity of the plan. According to Bloomberg, the spending initiative will only be announced after Germany’s regional elections on February 23 to avoid controversy before the vote.

Select European heads of state met in Paris on Monday to coordinate their response after U.S. officials urged Europe to take concrete action.

“We will launch a large package, the likes of which we have never seen before,” Baerbock told Bloomberg during the Munich Security Conference.

“Just as we had a financial package for the euro crisis or COVID-19, we now need one for European security. This will happen soon.”

Speaking on Bloomberg Television, Lithuanian Defense Minister Dovile Sakaliene stressed that Europe must prepare for a dramatic shift in its security landscape:

“Realization that it’s not the U.S. which will defend Europe, but Europe defending ourselves with help from the U.S. means we will all have to move fast, Germany included,” he said.

Baerbock added that peace can only be achieved through strength, stating that “this requires hard and long-term security guarantees for Ukraine, a strong NATO, and progress in Ukraine’s EU accession talks.”

“As Europeans and as Germans, we stand firmly with Ukraine—militarily, humanitarianly, and financially. Since Russia’s full-scale invasion, we, Europeans, have provided over $140.16 billion (€134 billion) in aid to Ukraine, with Germany contributing nearly $46 billion (€44 billion) alone.”

Baerbock further stressed that Europe’s unity is its greatest strength, stating:

“Despite our differences, we move forward together—from Paris to Munich. As Europeans, we must take greater responsibility for our own security. Given the existential threat we face, a major collective effort is required to safeguard our peace and prosperity.”

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Polish Prime Minister Donald Tusk and European Commission President Ursula von der Leyen also made it clear that Europe’s response to Trump’s stance will be increased military spending.

“If we, Europeans, fail to spend big on defense now, we will be forced to spend 10 times more if we don’t prevent a wider war. As the Polish PM, I’m entitled to say it loud and clear, since Poland already spends almost 5% of its GDP on defense. And we will continue to do so,” Tusk wrote on X.

Arriving in Paris, von der Leyen echoed this urgency, writing that “we need an emergency mindset” and “we must reinforce defense now.”

German Chancellor Olaf Scholz voiced support for an EU emergency mechanism that would allow massive increases in defense spending—a proposal pushed by von der Leyen at the Munich Security Conference last week.

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Under this plan, EU nations would be exempt from debt and deficit limits when financing military expenditures. This marks a fundamental shift in EU financial policy, as such exemptions have previously been impossible under EU rules.

The new multi-billion-euro defense package could be financed through joint EU debt, similar to the COVID-19 recovery fund.

Earlier, NATO Secretary General Mark Rutte declared that Europe is ready to take the lead in providing security guarantees for Ukraine following an “emergency summit” in Paris.