Sweden to boost defense spending by $30B in largest rearmament since Cold War

By Ilayda Cakirtekin

ISTANBUL (AA) – Sweden announced Wednesday an extra 300 billion kronor ($30 billion) in defense spending for the largest rearmament since the Cold War.

“It's about a loan-financed defense investment from this year through 2030 until 2035 that could amount to a total of about 300 billion kronor,” Prime Minister Ulf Kristersson told a news conference, according to public broadcaster SVT.

Kristersson affirmed that they agreed to invest in new military defense expenditures to avoid “crowding out important welfare needs or investments in internal security.”

“This will be the biggest rearmament since the Cold War,” he underscored.

As part of the upcoming spring budget amendment, a package of around $9 million to combat hybrid threats was also introduced.

It was also reported that the government would allocate around $1.5 billion from the 2026 budget to this year, as part of its $2.5 billion annual military support for Ukraine for 2024-2026.

“We need to do what we can here and now to further strengthen Ukraine's defense capabilities,” Education Minister Johan Pehrson also told the press conference.