Ecofin Approves Greece’s SAFE Defense Plan

At a pivotal moment for European Union security, sixteen of nineteen national defense investment plans—including Greece’s—have now secured the final approvals required to unlock initial funding disbursements.

The financing comes under the European Commission’s ambitious “Security Action for Europe” (SAFE) program, designed to strengthen the continent’s defense capabilities.

On Tuesday Feb. 17, EU finance ministers approved the national plans of eight additional member states, totaling 74 billion euros in funding. The approved proposals come from Estonia, Greece, Italy, Latvia, Lithuania, Poland, Slovakia, and Finland, accounting for roughly half of the 150 billion euros available through SAFE.

Poland stands out, having requested more than 43 billion euros on its own—an illustration of the scale of its defense ambitions.

Final approval clears the way for loan agreements with the European Commission and the release of advance payments, according to Euronews. These pre-financing payments may reach up to 15% of the total funding requested by each member state. Subsequent installments will depend on regular progress reports and implementation milestones submitted to EU authorities.

The latest decision follows an earlier approval round covering projects worth 38 billion euros from Belgium, Bulgaria, Denmark, Spain, Croatia, Cyprus, Portugal, and Romania. Overall, nineteen member states have applied for SAFE funding. Meanwhile, the Czech Republic, France, and Hungary are still awaiting Commission clearance before their plans move to final ministerial approval.

SAFE is a central element of the EU’s “Readiness 2030” plan, aimed at mobilizing up to 800 billion euros for defense by the end of the decade. The initiative seeks to strengthen Europe’s strategic autonomy and speed up joint procurement of key military capabilities, including ammunition, missiles, drones, air defense systems, and cybersecurity technologies.

The program also prioritizes boosting Europe’s defense industry, requiring most funded equipment to be European-made, with non-European components limited to 35% of total costs. Designed to ease financing constraints, SAFE also offers favorable conditions for member states with lower credit ratings.

Source: tovima.com