As the terrorism makes its way in Europe, governments have started expanding military expenditure. After the deadly attack on Paris, the French government has now deployed 10,000 additional troops on ground. According to reports, France spends 1 million euros per day for increased security services.
For decades, Europe was following austerity measure which involved cutting down military expenditure. European nations also decreased massive size of their military after world war II. Though governments have maintained conservative fiscal regimes, leaders are pushing for more financial support for counter terrorism mechanisms.
French President Francois Hollande informed that the government plans to stop propaganda and finance to terror networks. The financial crisis in Greece has been stopping Europe from spending more on security. The European Union recently confirmed that many countries are not honoring the deficit reduction pledges to bail out Greece. Looks like increased terrorism in Europe may result in Greek exit.
The European Commission President Jean-Claude Juncker has already given special treatment to France to spend on security. Other countries may demand that too. Historical record show that the European countries along with Great Britain have rapidly reduced military budget since the beginning of financial crisis of 2008. The data suggests that Britain, Germany and France reduced the spending by 13 percent.
Now the trending changing. Even country like Germany is hiring intelligence officers and police. The nation which welcomed immigrants with warm heart is going to spend additional 130 billion euros for next 15 years. 12.1 billion euros would be spent on managing refugees alone. Belgium, which became center of Paris attack investigation, has spent half billion euros in law enforcement and security.
Meanwhile the British Government has ordered Boeing P8 maritime patrol aircraft along with new strike brigade which will put pressure of 12 billion pounds on the treasury. Experts say military spending in Europe will keeping increasing for few years now due to terrorism.