"EU Unveils €1.6 Billion Defense Industry Support Plan"

The European Commission has proposed a €1.5 billion plan to boost defense production by promoting joint military purchases among EU member states, aiming to address the sector's struggles and fragmentation. The plan, known as the European Defence Industry Program (EDIP), seeks to incentivize joint procurement, increase spending within the EU, and create a new legal framework for joint European armament programs. The funding, running from 2025 to 2027, also aims to support Ukraine and fix supply chain bottlenecks in the EU's defense industry, with a focus on small and medium-sized companies.