Defense spending surged last year by the most since at least the end of the Cold War, according to data published Monday, with European countries rushing to bolster their security in the face of threats from Russia.

World military expenditure reached $2.72 trillion in 2024, an increase of 9.4% from 2023 and the steepest year-on-year rise since at least the end of the Cold War, according to a report released by a leading conflict think tank on Monday.

Global military spending this year has reached its highest level since the end of the Cold War, highlighting a new phase of geopolitical challenges and threats, according to research from the Stockholm International Peace Research Institute (SIPRI).