Norway plans $56 billion boost in defence spending over 12 years

Norway plans to raise its military spending by an accumulated 600 billion crowns ($56 billion) through 2036 to bolster its defence at a time of rising security challenges in Europe and beyond, the government said on Friday.

Overall military spending for the next 12 years is expected to amount to 1.62 trillion crowns, it said. "This plan represents a historic boost in defence spending, and involves a significant strengthening of all branches of the armed forces," Prime Minister Jonas Gahr Stoere told a press conference.

The planned annual spending in 2036 will, on a comparable, inflation-adjusted basis, be around 83% higher than the current level, the finance minister said.