Norway wants to drastically increase its defence budget over the next 12 years, the government announced in Oslo on Friday.
The plan to spend an additional 600 billion Norwegian kroner ($55.7 billion) until 2036 is almost a doubling of the current budget. The extra defence spending must be approved by parliament, but this is seen as as formality.
NATO member Norway borders Russia in the Arctic Circle and the Kremlin's two-year attack on Ukraine has spooked the Scandinavian country, which is also alarmed that another Donald Trump presidency in the United States could complicate defence.
"We need a defence that is adapted to the current situation and threats. This plan is a historic boost for Norwegian defence," Prime Minister Jonas Gahr Støre told reporters.
The government plans to spend around 3% of gross domestic product on defence by 2036 - the NATO target is at least 2%.
Considerable investments are to be made in the navy in particular, with at least five frigates and at least five submarines are planned.
The Norwegian army is also being strengthened with more than 20,000 soldiers, employees and reservists, the Defence Ministry said.
