The 5% by 2035 Math Is Now Lisbon's Largest Multi-Year Fiscal Commitment — Inside the €3.84 Billion 2026 Defence Allocation and What It Locks In Through the Decade
Portugal's 2026 defence budget hits €3.837 billion, +25% year-on-year. The 5% of GDP NATO pledge by 2035 — broken into 3.5% strictly military and 1.5% critical-infrastructure — is now the single biggest multi-year spending commitment on the State's books.