Norway to Increase Defense Spending by $630 Million

Norway announced on Thursday its intention to increase defense spending by 7 billion Norwegian kroner ($630 million), stating that this amount will be allocated over the next 12 years.

Prime Minister Jonas Gahr Støre emphasized the importance of enhancing the operational capabilities of the armed forces, citing the growing tensions in the region as the reason behind it, as reported by The Norwegian newspaper, The Barents Observer.

Støre stated that this increase means Norway will be able to reach NATO's target for military spending to reach 2% of each member state's gross domestic product.

It is expected that Norway's defense budget will rise to $9.4 billion by 2024.

Støre explained that funds will be provided for additional training, exercises, and operations in the latter half of 2024, with the complete revised national budget for 2024 set to be presented to the government on May 14th.

Earlier this week, the government allocated an additional amount of 6 billion kroner for Ukraine's air defense systems.

Air defense systems are also among the top priorities, as the Norwegian Army is now receiving additional reinforcements. 

With the extra funds provided to Ukraine and the current increase in domestic spending, Norway's defense budget for 2024 rises from 91 to 104 billion kroner.