French President Emmanuel Macron announced recently his administration would increase France’s national defense spending 40% over the next 6 years, saying “there is no longer a peace dividend,” referring to the common refrain following the end of the Cold War.
Macron cited threats that are “multiple and mix together,” and said that France will have an army ready to combat “the perils of the century”.
The budget for the years starting in 2024 and ending in 2030 will rise to €413 billion, ($447 billion) up from €295 billion ($320 billion) during the period of 2019-2025.
By 2030, the military spending will have doubled since Macron took over. Much of that extra cash will be funneled into a program to modernize France’s nuclear arsenal.
“Nuclear deterrence is an element that makes France different from other countries in Europe. We see anew, in analyzing the war in Ukraine, its vital importance,” he said in a speech on Friday at Mont-de-Marsan airbase, referring to the fact that France is the EU’s permanently armed nuclear nation.
Al Jazeera writes that they will also invest heavily in cybersecurity, military intelligence, and drone technologies.
“The threats are multiple and mix together,” he said. “There is no longer a peace dividend because of Russia’s aggression against Ukraine… The international order has ceded to a state of play between nations like we have not seen in decades”.