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Germany Plans $112 Billion Military Modernization Fund, Boost To Annual Defense Spending

Matthew Beinart By
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Germany Plans $112 Billion Military Modernization Fund, Boost To Annual Defense Spending
German Chancellor Olaf Scholz. Photo: Inga Kjer/Bundestag

Germany plans to massively boost defense spending in 2022 with a new $112.1 million security fund for military modernization, in light of Russia’s invasion of Ukraine. Olaf Scholz, the German chancellor, also announced Sunday during an address at a special parliamentary session that the country will now invest more than two percent of its GDP in defense annually moving forward. “We have set this goal not only because we have made a promise to our friends and allies to increase…

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