Sweden will increase its defense budget by 26.6 billion kronor ($2.87 billion) for 2026, Prime Minister Ulf Kristersson announced. This increase marks the continuation of the country’s defense buildup strategy, bringing spending to 2.8% of GDP.

Kristersson described the increase as the next major step in strengthening Sweden’s defense, highlighting its importance for the country’s security.

“We have increased the defense budget by 100 billion kronor since 2022. It is an unprecedented increase, unless we go back to the darkest days of the Cold War,” the Swedish prime minister said at a press conference, stressing the importance of Sweden’s strategic preparedness in light of global geopolitical developments.

The right-wing coalition government, which holds a parliamentary majority, plans to submit the budget proposal on September 22. The increase amounts to 18% compared to the 2025 budget and is expected to raise defense spending to 2.8% of GDP in 2026, moving closer to NATO’s new target of 3.5% of GDP for core defense spending. Swedish authorities estimate spending will reach 3.1% by 2028.

The additional funds will be used to acquire new air defense equipment, while investments will also be made in warships and tactical transport aircraft. At the same time, emphasis will be placed on raising salaries for officers and conscripts in order to strengthen the armed forces’ personnel.