Defense product prices in Europe have increased by more than 50% over the past two years, reports Oxu.Az citing Bloomberg. Estonia's Defense Minister Hanno Pevkur stated this.
"When we want to increase the volume of products we purchased two years ago, we see that prices have already risen by 50-60%," the minister noted.
According to him, the rise in weapon and military equipment prices complicates NATO's plans to increase defense spending.
Pevkur noted that against the backdrop of reduced U.S. involvement, Europe is forced to both rapidly rearm and take on a large part of support for Ukraine.
The minister emphasized that there are also problems with expanding production in Europe's defense industry. He said companies are not ready to invest in increasing production capacity without long-term contracts from governments.
