Brussels: The European Union (EU) has announced plans to stockpile critical minerals as a safeguard against potential supply chain disruptions arising from geopolitical tensions, according to a draft document by the European Commission reported by the Financial Times.
According to Emirates News Agency, the document outlines that the EU faces a complex and deteriorating risk landscape, characterized by rising geopolitical tensions, conflicts, the impacts of climate change, environmental degradation, and hybrid and cyber threats. In response, the EU executive has advised member states to coordinate backup supplies of essential items, including food, medicines, and even nuclear fuel.
The draft further indicates that the EU will expedite efforts to establish EU-level stockpiles of critical items, such as cable repair modules, to ensure quick recovery from disruptions in energy or optical cables. This also includes commodities like rare earths and permanent magnets, which are vital for energy and defense systems.
A report commissioned by the EU in October, authored by former Finnish president Sauli Niinisto, emphasized that security should be treated as a 'public good' and advocated for a preparedness mindset. On the subject of stockpiling, Niinisto recommended that Brussels set targets to ensure minimum levels of preparedness in various crisis scenarios, such as armed aggression or large-scale disruptions of global supply chains.
In March, the EU also advised households to maintain stockpiles of essential supplies to endure at least 72 hours of crisis, underscoring the importance of readiness in the face of unforeseen events.