Norway plans $56 billion boost in military spending by 2036

Norway boosts defence: Norway plans to increase its defence expenditure by an accumulated 600 billion crowns ($56 billion) by 2036 to fortify its military capabilities amidst escalating security concerns in Europe and beyond, as announced by the government on Friday.

Military capability enhancements

Over the next 12 years, the overall military budget is projected to reach 1.62 trillion crowns, marking a historic surge in defence spending, according to Prime Minister Jonas Gahr Stoere during a press briefing. He stressed that this plan entails substantial reinforcement across all branches of the armed forces.

The Finance Minister noted that by 2036, the planned annual expenditure, when adjusted for inflation, will soar by approximately 83 per cent compared to the current level.

(With Reuters Inputs)