The short-term economic effects of the COVID-19 and the lockdown measures adopted across Europe in response to the pandemic are causing significant pressure for public spending. As national budgets and the EU’s long-term budget get revised, defence and security is expected to be one of the areas that will suffer the most from COVID-19.
In the aftermath of the 2008 global financial crisis, defence spending was heavily cut in Europe as priorities shifted towards economic recovery. The impact of the COVID-19 crisis is predicted to be much more serious, which will also necessarily mean revisions of defence spending.
POLICY PAPER | How significant is the COVID-19 threat to Europe’s defence budgets? – – by @AnnaRNad
— Vocal Europe (@thevocaleurope) May 19, 2020