Italy sees planned F-35 fighter jet spending rise by €7.3 billion

Italy Raises F-35 Fighter Jet Budget by €7.3 Billion Amid Defense Push

Italy's Increased Investment in F-35 Fighter Jets

Background and Budget Details

ROME, Nov 10 (Reuters) - Italy's government is seeking parliamentary approval to increase planned investment in F-35 fighter jets by €7.28 billion ($8.17 billion), lifting the programme's overall cost by more than 50%, according to a parliamentary document.

Original Programme Approval and Revised Budget

• The programme was approved in 2009 with a planned budget of €13.5 billion. The additional funding would bring total spending to €20.8 billion.

Timeline for New Investment

• The new investment is due to begin next year and run through 2039.

Reasons for Budget Increase

Factors Driving Higher Costs

• The government said the cost revision reflected technological upgrades, stricter security requirements, inflation and changes in the euro-dollar exchange rate.

Context: European Defense Spending

Regional Security Concerns

• The increase comes as European countries boost defence spending in response to Russia's invasion of Ukraine and broader security concerns.

Italy's Commitment to Military Investment

• Italy has pledged to gradually raise military expenditure and accelerate investment in advanced military capabilities as allies push for stronger European defence.

Exchange Rate Information

($1 = 0.8908 euros)

Reporting Credits

(Reporting by Angelo Amante and Giulia SegretiEditing by Keith Weir)