Personally there are two sides to this that conflict.

Firstly, yes Europe and its allies are rapidly becoming more capable and are now funding said capabilities.

Secondly, it sadness me to see people cheering on the growth of the war/defense sector.

Tao Te Ching - Chapter 46

When the Way governs the world,

The proud stallions drag dung carriages.

When the Way is lost to the world,

War horses are bred outside the city.