Tomorrow - ein McKinsey Podcast Europas Verteidigung – mehr Geld, mehr Sicherheit?
Mar 26, 2026
Björn Hagemann, Senior Partner leading McKinsey’s security and defense practice, offers a concise take on Europe’s military shift. He discusses the surge in defense spending and how fragmented systems, long procurement cycles, and lack of standardization hinder readiness. He also covers industry consolidation, reshoring production, and ways to speed procurement with modularity and digital tools.
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Rapid Growth In European Defence Budgets
- European NATO defence spending has roughly doubled since 2019 and may reach €800 billion annually by 2030.
- Björn Hagemann notes majority of European NATO countries hit 2% of GDP in 2024 and many may reach 3.5% by 2030.
Fragmented Equipment Stocks Limit Readiness
- Europe's armed forces suffer high platform fragmentation compared with the US, e.g., multiple battle tank models and parallel platforms.
- Hagemann points to fragmented munitions stocks and limited artillery munition production capacity as concrete bottlenecks.
Capital Inflows Are Rising But R&D Lags US
- Capital markets and VC flows into European defence have increased since 2022, lifting market capitalizations.
- Björn Hagemann notes Defence Tech VC is growing (still below US levels) while R&D spending in the US remains higher.