German Chancellor Olaf Scholz announced to parliament on Sunday Germany will raise its defense and military spending above 2% of its total GDP. They will spend €100 billion ($112.7 billion) of the 2022 budget for the armed forces. Germany spent €47 billion in 2021.
Germany will be third place in defense spending after the USA and China. Longer term (2023 and onwards) Germany will have 2% of GDP which will be about $80 billion per year and increasing as Germany’s GDP increase.
Scholz also said Germany would supply the Ukrainian military with weaponry, in a reversal of previous policy.
Germany will rethink its nuclear energy phaseout plans.
Nextbigfuture has said that Germany needs to restart three nuclear reactors that were “shut” in January 2022. Nuclear reactors closed for 6 weeks are not truly closed. Nuclear reactors shut every 18-24 months for 3-8 weeks for refueling. Germany could eliminate half of their natural gas imports by turning on nuclear reactors that are in perfect working condition.
Old Military Spending Estimates for 2022 with New German Spending Inserted
1. The United States ($778 billion)
2. China ($252 billion [estimated])
3. Germany ($112 billion) [New Budget]
4. India ($72.9 billion)
5. Russia ($61.7 billion)
6. United Kingdom ($59.2 billion)
7. Saudi Arabia ($57.5 billion [estimated])
Germany ($52.8 billion) [Old budget]
8. France ($52.7 billion)
9. Japan ($49.1 billion)
10. South Korea ($45.7 billion)
SOURCES- DW
Written by Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
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