The EU is set to send Ukraine an unprecedented aid package of up to €700 billion ($732 billion), though details are murky at present.
The package would not be announced until after the Feb. 23 German elections, German Foreign Minister Annalena Baerbock told Bloomberg on the sidelines of the Munich meeting, as reported by German outlet Berliner Zeitung.
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“We will launch a large package that has never been seen on this scale before,” said Baerbock. “Similar to the euro or the [Coronavirus] crisis, there is now a financial package for security in Europe. That will come in the near future.”
The statement came as US support for Ukraine and Europe became uncertain in recent weeks, with Washington hinting at rolling back its presence in Europe.
For context, €700 billion surpasses all foreign aid to Ukraine combined since Russia’s 2022 invasion, of which close to $183 billion came from Washington as of September 2024, according to one of its auditing bodies.
The amount also surpasses US President Donald Trump’s proposed rare earth deal for Ukraine, which is believed to be around $500 billion to be used to repay Washington’s previous aid for Kyiv under the last US administration.
Ukraine’s gross domestic product (GDP) stood at an estimated $189 billion by the end of 2024.
On Monday, German Chancellor Olaf Scholz said the EU states were exploring avenues to boost defense spending and funding for Ukraine without compromising domestic spending. He also rejected deploying German troops to Ukraine as part of security guarantees, calling the discussions “premature.”
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