France will spend a record €413.3 billion on defence by 2030 - the money will be used to buy ships, fighter jets, missiles, drones and modernise military equipment

France will increase its defence budget by more than a third within 7 years. The funds will be used to strengthen all branches of the country's armed forces.

Here's What We Know

The total defence budget for the period from 2024 to 2030 will be a record €413.3 billion, including €13.3 billion of extra-budgetary spending. The main reason is the war in Ukraine.

Firstly, France wants to strengthen its own defence capabilities against the backdrop of Russian aggression. Secondly, Paris needs to replenish stocks after the transfer of military equipment to the Ukrainian Armed Forces. Thirdly, NATO countries need to invest 2% of GDP in defence.

France will spend €16bn on arms purchases, including long-range missiles, F321 heavy torpedoes and anti-ship missiles. €5bn each will be invested in strengthening air defence, intelligence/counter-intelligence and unmanned aerial vehicles.

€10bn France will invest in the development of innovative technologies, including drone swarms and laser weapons. The space sector will receive €6bn, while another €4bn will be spent to strengthen defences against hacker attacks. Keeping the army in fighting condition will require another €49bn. This applies to all branches of the French armed forces.

The French defence budget includes the purchase of a PANG aircraft carrier and 15 FDI frigates over 7 years for the French Navy. The ground forces will be funded for the SCORPION modernisation programme to improve ground vehicles including Leclerc tanks. The Air Force will be able to purchase 32 new fighter jets from Dassault Aviation.

(€1 = $1,1203)