As part of the ReArm Europe Plan the bloc will spend around $840 billion on building up its military capabilities

The EU has approved a large military spending plan to unlock billions of euros to build up defense capabilities. The initiative, which was adopted following an emergency summit in Brussels on Thursday, also aims to shore up aid for Ukraine after American military assistance to Kiev was halted.  

Under the plan, which is called ReArm Europe, the bloc's defense spending will be boosted by up to 800 billion ($840 billion) - double the total EU defense expenditures in 2024. The initiative was unveiled earlier this week by European Commission President Ursula von der Leyen, who said she will present legal proposals within the next two weeks.  

The 27 EU leaders agreed to ease budget restrictions to allow member states to boost military outlays. They also called on the European Commission to explore new mechanisms "to facilitate significant defense spending at the national level across all Member States," according to an official statement.  

The EU's executive arm estimates that the measure could unlock around 650 billion but it remains unclear if governments would fully utilize this financial leeway.   

Additionally, the bloc's leaders took note of a European Commission proposal for a 150 billion loan package for investment, including for air and missile defense, artillery and drones, and urged EU headquarters staff "to examine this proposal as a matter of urgency."   

The emergency summit was convened amid growing concerns among EU leaders over the impact of Washington's recent policy shift on Ukraine. US President Donald Trump has signaled that European nations should take the lead in their own defense, as well as in supporting Kiev.  

Von der Leyen claimed that the EU "is ready to assume its responsibilities," describing the current geopolitical situation as the "most momentous and dangerous" of times.   

French President Emmanuel Macron, who claimed in a speech to the nation on Wednesday that Russia poses a threat to the EU, said that this is just a first step.  

"Whatever happens in Ukraine, we need to build autonomous defense capacities in Europe," he told reporters after the summit.

Moscow has repeatedly dismissed claims that it poses a military threat to Europe, describing remarks emerging from Warsaw and Paris as "highly confrontational" and "militaristic." Russian President Vladimir Putin called Western claims of an impending attack "nonsense," accusing European leaders of exaggerating the threat to justify increased military spending. He reiterated that Russia does not seek to enter an arms race but will take the necessary measures to ensure its security and that of its allies.