Finance
Norway Adds $12 Billion to Its Long-Term Defence Plan
Published by Global Banking & Finance Review®
Posted on March 27, 2026
2 min readLast updated: March 27, 2026
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Published by Global Banking & Finance Review®
Posted on March 27, 2026
2 min readLast updated: March 27, 2026
Add as preferred source on GoogleNorway will raise its long-term defence spending by NOK 115 billion (approx. $11.9 billion) through 2036, reinforcing a plan that already allocates ~NOK 600 billion to nearly double defence capacity by 2036.
OSLO, March 27 (Reuters) - Norway will raise its defence spending by 115 billion crowns ($11.87 billion) in the period until 2036, compensating for a rising cost of military equipment and adjusting to lessons learned from the Ukraine war, the government said on Friday.
The proposed increase in funding will raise defence spending to 3.5% of Norway's GDP by 2035, in line with the country's NATO commitment, the government said.
The NATO member is, like other nations in the alliance, increasing defence spending as a result of Moscow's war in Ukraine and under pressure from U.S. President Donald Trump.
The spending comes on top of Norway's previously announced plan to spend 1.62 trillion crowns on defence between 2025 and 2036.
"We are... allocating a significant increase in resources to the long-term plan, while also carefully weighing the priorities needed to rapidly strengthen Norway's defence capabilities," Prime Minister Jonas Gahr Stoere told a press conference.
Norway expects to receive the first of its German-ordered submarines in 2029 while the first two frigates bought from Britain are expected to arrive in 2030 and 2032, respectively.
Among elements being delayed is the procurement of anti-ballistic air defences as well as of maritime surveillance drones, Defence Minister Tore Sandvik told the press conference.
Support for Ukraine comes in addition to the 3.5% of GDP spending, the government said.
($1 = 9.6857 Norwegian crowns)
(Reporting by Gwladys Fouche, editing by Terje Solsvik)
Norway will increase its long-term defence plan budget by 115 billion Norwegian crowns, equivalent to about $11.87 billion USD, until 2036.
The increased defence spending is planned for the period until 2036.
The reported exchange rate is $1 equals 9.6857 Norwegian crowns.
The increase was reported by Gwladys Fouche and edited by Terje Solsvik.
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