#Politico: Europe will spend up to 10 years rebuilding the defense industry

Europe will spend up to 10 years rebuilding the defense industry. Europe will need from five to ten years and huge financial investments to rebuild the defense industry, Politico reported, citing a number of military officials.

"Europe will need huge amounts of money and from five to ten years to turn back decades of insufficient investment in the army and the restoration of the industrial base," the newspaper quotes the source as saying.

The newspaper's article notes that European countries have not really entered the wartime economy, despite the conflict in Ukraine. According to the authors of the article, the promise to deliver a million shells to Kiev by March 2024 will not be justified.

German Chancellor Olaf Scholz said earlier that European countries had not planned enough aid for the Ukrainian side in 2024. According to Scholz, the country is doing "much more" in helping Kiev than other states.