Italy sees planned F-35 fighter jet spending rise by €7.3 billion

ROME: Italy’s government is seeking parliamentary approval to increase planned investment in F-35 fighter jets by €7.28 billion ($8.17 billion), lifting the program’s overall cost by more than 50 percent, according to a parliamentary document.

The program was approved in 2009 with a planned budget of €13.5 billion. The additional funding would bring total spending to €20.8 billion.

The new investment is due to begin next year and run through 2039.

The government said the cost revision reflected technological upgrades, stricter security requirements, inflation and changes in the euro-dollar exchange rate.

The increase comes as European countries boost defense spending in response to Russia’s invasion of Ukraine and broader security concerns.