EU Council approves proposal to establish €150B EU rearmament fund

The EU Council’s Committee of Ministers at ministerial level has approved the creation of the EU rearmament fund (SAFE) with a budget of €150 billion, the Polish presidency of the EU Council stated on X.

“We have approved SAFE—the first large-scale military investment program at the EU level. €150 billion to boost European military capabilities,” reads the statement.

The EU Council noted that the funds from this program will, among other things, be used “to provide military aid to Ukraine.”

The EU Council also published the military production priorities for which the fund’s resources will be primarily allocated. These include ammunition and rockets, artillery systems, particularly long-range precision strike systems, ground forces, and equipment, including logistics systems, weapons, and protective gear.