EU allocates €5 billion for Ukraine military aid

EU ambassadors have agreed, in principle, on a reform of the European Peace Facility to support Ukraine with a budget of five billion euros for the year 2024. The amount is equivalent to around 37 billion Danish kroner. The deal comes as a relief in Brussels after months of discord among EU countries over support to Ukraine. The facility serves as a massive reimbursement scheme from Brussels, refunding EU countries when they send military equipment to Ukraine. A compromise was reached that takes into account each country’s bilateral aid to Ukraine when collecting contributions for the peace facility. Consequently, Germany is expected to contribute less due to its already significant military aid to Ukraine, while France has been criticized for not contributing enough proportionate to its size. Despite initial proposals and resistance, Wednesday’s agreement does not rule out the possibility of adding extra funds to the European Peace Facility next year.