EU unveils US$ 840 bil. defense investment "ReArm Europe" plan

European Commission President Ursula von der Leyen announced on Tuesday that the EU bloc will boost collective defense by significantly boosting military spending.

The European Commission President introduced the "ReArm Europe" plan, which would allow all European countries to access a fund worth 840 billion U.S. dollars for defense in the coming years.

Calling it an "era of rearmament," she says the plan will allow EU member states to "pool demand and to buy together," while increasing interoperability and strengthening its defense.

The announcement comes as EU leaders are set to meet in Brussels on Thursday, where they'll discuss a defense package for Europe and Ukraine.