A full-scale conflict in Europe is no longer a fantasy, and Europeans must find new ways to fund preparations for a potentially wider war on the continent.

As reported by Euractiv, Borrell’s comments emerged after several of Europe’s military and political leaders cautioned that Russia may potentially unleash a conflict against NATO in the next decade.

"War is certainly looming around us… and a high-intensity, conventional war in Europe is no longer a fantasy," Borrell said in a speech at an economic forum in Brussels.

Russia threatens Europe through its war in Ukraine and hybrid attacks on EU member states, he added.

"It [the war] is not going to start tomorrow, but we cannot deny reality," Borrell said in his most explicit comment to date. He called for new ways to be found to increase investment in defence.

"We need a new intergovernmental financing vehicle …comparable to the one that we created during the financial crisis," Borrell noted.

The EU’s top diplomat also mentioned Europeans’ growing fears of the potential return of former US president Donald Trump, who has threatened not to defend NATO allies in Europe that do not spend enough on defence.

"The US umbrella, which we have relied on since the Cold War, may not be open all the time. Maybe, depending on who is ruling Washington, we cannot rely on America to protect us," Borrell said.

French President Emmanuel Macron stated in February that Russia may attack NATO countries within the next few years, as evidenced by Moscow's actions in recent weeks.

German Defence Minister Boris Pistorius said in January that NATO must prepare for a Russian attack on a NATO country within 5-8 years.

Micael Bydén, Supreme Commander of the Swedish Armed Forces, and Carl-Oskar Bohlin, Swedish Minister for Civil Defence, have stated that all citizens of the country must be ready for war.