The Commission president has presented an ambitious action plan distributed in five points, combining a "significant" increase in national spending, totaling 600 billion, with 150 billion in EU loans.

BRUSSELS (Reuters) - New EU plans to strengthen Europe's defence industry and increase military capabilities could mobilize close to 800 billion euros ($841.4 billion), EU Commission President Ursula von der Leyen said on Tuesday.

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Commission president announces “Rearm Europe” plan after U.S. President Donald Trump suspended all military aid to Ukraine.

Europe urgently needs to rearm and member states must be given the fiscal space to carry out a surge in defence spending, European Commission President Ursula von der Leyen said on Sunday after a meeting about support for Ukraine.

In an interview with The Guardian, the President of the European Commission, Ursula von der Leyen, said that Europe urgently needed to rearm. She will be proposing a plan this week. Following the London summit,

If member states increase defense spending by 1.5% of GDP, a fiscal space of €650 billion will be created over four years – It also announced €150 billion in loans for armaments

Following a leaders' meeting on Ukraine in London, European Commission President Ursula von der Leyen emphasized the need for a massive surge in European defense. She stressed that lasting peace in Ukraine can only be achieved through strength.

European Commission President Ursula von der Leyen has laid out a European rearmament plan ahead of a March 6 summit on defense and Ukraine.