Denmark has officially announced a substantial increase in funding for the security sector in response to the most significant external threats in decades.

For the first time, NATO's European allies and Canada are expected to collectively meet the alliance’s defense spending target of 2% of GDP this year, according to figures released on Thursday. This milestone comes as member states begin preparing to increase their investments further, aiming for the alliance's new goal of 5%.

On Tuesday, June 24, the leaders of NATO’s 32 member countries convened in The Hague for a two-day summit, during which all members—except Spain—pledged to raise their defense spending to 5% of GDP by 2035.

The European Council meeting follows closely after Wednesday’s NATO summit, where 32 allied countries pledged to achieve a defense spending target of 5 percent of GDP by 2035.

NATO Secretary General Mark Rutte expressed optimism on Wednesday that alliance members will agree on a new defense spending target of 5% of GDP.

Germany will significantly boost its defense spending, not to placate U.S. President Donald Trump, but to address the growing threat from Moscow, Chancellor Friedrich Merz stated on Tuesday.

Spain maintains that it secured an exemption from NATO’s new target of allocating 5 percent of gross domestic product to defense spending, but NATO chief Mark Rutte expressed doubts on Monday about how much Spain will be able to reduce its defense budget.

Norwegian Prime Minister Jonas Gahr Støre announced on Friday that Norway will support NATO’s goal of allocating 5% of its gross domestic product (GDP) to defense spending.