Norway Boosts Defense Budget by £44.5 Billion Amid Russian Threats

The historic increase in spending, funded by the sovereign wealth fund, aims to enhance military capabilities without impacting public services.

Norway plans to significantly increase its defense spending by £44.5 billion over the next 12 years to counter Russian aggression.
The increase in defense spending will be funded by Norway's sovereign wealth fund, without affecting public services like hospitals and schools.
Norway aims to meet a NATO target by ramping up defense spending to 2% of its GDP by 2024, ahead of the previously set goal of 2026.
The defense plan includes acquiring new frigates, submarines, long-range surveillance drones, satellites, and strengthening air defense systems.
The number of conscripted soldiers in Norway is expected to increase by 50% by the end of the planned period.