AMSTERDAM (Reuters) -The Netherlands will increase defence spending by more than 10% next year, investing in new tanks, fighter jets, frigates and air defence systems in a push to strengthen its forces in the face of new security threats, the Dutch government said.

Defence spending will be increased by 2.4 billion euros ($2.7 billion), taking the annual budget to around 24 billion euros, it said on Thursday.

“New threats demand action. Russia’s ruthless aggression in Ukraine shows an attack on the NATO alliance is no longer unthinkable,” Defence Minister Ruben Brekelmans said.

China, Iran, terrorism and cyber attacks also posed potential threats to Dutch national security, he said.

“It may seem we live in peace, but that’s no longer the case,” he said at the presentation of the plans at a military base in the central Dutch city of Amersfoort.

“We are being attacked daily. Our digital systems, our universities, our companies, our ports, our electricity grids. We are being spied on continuously and the number of attacks is growing.”

After years of austerity, the stimulus puts Dutch defence spending on course to meet the minimum level of 2% of gross domestic product (GDP) for the first time since NATO allies agreed on that threshold 10 years ago.

The extra budget will supply the army with tanks for the first time in more than a decade, and will be used to buy F-35 fighter jets, new navy frigates, helicopters, drones, air defence systems and ammunition, the government said.

The Netherlands has been increasing military spending since Russia’s full-scale invasion of Ukraine began in February 2022, after years of austerity had significantly trimmed its forces.

It has also been one of the main drivers of military support to Ukraine and was among the first to deliver F-16 fighter jets to it in recent months.

Brekelmans said the Netherlands would continue its military support to Ukraine for as long as it was needed.

($1 = 0.9011 euros)

(Reporting by Bart Meijer; Editing by Hugh Lawson and Ros Russell)