EU plan to spend 800 billion euro to beef up defenses 

The European Commission, the executive arm of the European Union, has proposed a plan to spend around €800 billion ($841 billion) to beef up defenses. 

European Commission President Ursula von der Leyen on Tuesday presented the plan to bolster Europe's defense industry and increase military capabilities.

EU will spend those over the next four years as the continent prepares to face Russian aggression and help Ukraine to defend itself. 

“We are in an era of rearmament, and Europe is ready to massively boost its defense spending,” Von der Leyen said.

A European summit on defense and Ukraine is planned this week amid tense transatlantic relations.

Von der Leyen had suggested the rearmament plan after emerging from the closed-door meeting on Ukraine at Lancaster House in London over the weekend.