European countries will have to double defense spending after Trump's arrival - media.

According to Bloomberg Intelligence analysts, European countries may need to double their defense spending to protect against Russian aggression and a potential decrease in American support under President Trump.

According to their calculations, the 15 largest NATO member countries in Europe could increase military spending by $340 billion per year to reach a total of $720 billion.

During his election campaign, Trump claimed that he would limit relations with Europe in the area of security, and later, at the NATO summit, threatened to withdraw from the alliance if allies did not increase their spending.

Russian aggression has already led to an increase in defense spending in Europe. However, to support Ukraine, counter Russia's aggressive stance, and compete with China, even more may be needed - Ferguson notes.

This report was published after former European Central Bank president Mario Draghi warned that the EU could fall into a 'slow agony' if it does not make adequate investments to boost productivity. He finds it important to expand industrial capacity in the defense sector to uphold the region's values.

According to the report, Europe needs combat tanks, artillery guns, combat vehicles, and aircraft for military needs. Potential winners from the increase in spending are considered to be companies such as Leonardo SpA, Airbus SE, BAE Systems Plc, and Rolls Royce Holdings Plc.

Over the past decades, military revitalization in Europe has been underfunded, so starting rearmament may take over 10 years, especially due to rising contractor debt and supply chain tensions.

However, the domestic defense industry is unlikely to meet all needs in the short and medium term. Ferguson emphasized that Europeans will need to reassess their spending priorities given the threat they cannot ignore.