EU allocates 500 mln euros for ammunition production

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EU allocates 500 mln euros for ammunition production

STORY: EU allocates 500 mln euros for ammunition production SHOOTING TIME: March 15, 2024/recent footage DATELINE: March 16, 2024 LENGTH: 00:02:46 LOCATION: Brussels CATEGORY: ECONOMY SHOTLIST: 1. various of the European Commission Berlaymont building 2. various of a military exercise at the Rota base in Southern Spain STORYLINE: The European Commission on Friday announced the allocation of 500 million euros (about 544 million U.S. dollars) to boost ammunition production as part of its support for the European defense industry. In a statement, the commission said this would allow the European defense industry to increase its ammunition production to two million shells a year by the end of 2025. Its annual production capacity for 155 mm shells reached 1 million per year in January. To assist the European industry in increasing its ammunition production and readiness, the commission said it selected 31 projects in five areas: explosives, powder, shells, missiles and testing and reconditioning certifi

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