Greece to Invest Over €25 Billion in Arms Modernization by 2036, Including Submarines and Fighter Jets

Greece is set to allocate more than €25 billion by 2036 for a comprehensive arms procurement initiative, aimed at modernizing its military capabilities, according to three officials familiar with the plan. The 12-year strategy, due to be presented to parliament in the coming weeks, includes acquiring new submarines, drones, satellites, and fighter jets, as the nation seeks to strengthen its defenses following the 2009-18 debt crisis and amidst ongoing tensions with Turkey over eastern Mediterranean sea boundaries, energy resources, and airspace.

A NATO and EU member, Greece already dedicates around 3% of its GDP to defense—almost twice the EU average—reflecting its strategic priorities as the EU faces pressure to enhance its defenses amid strains in its 75-year U.S. alliance. The plan builds on recent military reforms, focusing on advanced technology to counter regional threats. It includes purchasing four new submarines, air, sea, and underwater drones, and a communication satellite, as confirmed by two sources involved in the planning. Additionally, funds will support the development of the “Achilles Shield,” an anti-aircraft and anti-drone defense system, and the acquisition of 20 F-35 fighter jets from the U.S.

The initiative also covers upgrades to existing assets, such as modernizing older F-16 jets to “Viper” standards and enhancing four German-made MEKO 200 frigates in the navy. A third source revealed plans for up to six new patrol boats or corvettes, to be constructed in Greek shipyards, alongside a previously announced long-range rocket artillery system with a 300 km range, primarily aimed at securing Greece’s northeastern border with Turkey and its Aegean islands.

While the plan signals Greece’s commitment to military modernization, critics might question whether such heavy spending prioritizes defense over social needs, especially post-austerity, and how it might escalate tensions with Turkey rather than foster dialogue.

Source: Reuters