Considering this will probably surpass health and education funding, it will probably lead to austerity measures. From what I understand, their ruling class has been braying for this for over a decade, and Putin has now given them a pretext to militarize in order to protect their global interests. And like in the past, even some of the left parties are buying into the bullshit. This will further reinforce NATO on the eastern flank, and will probably raise tensions even more with Russia. Of course, the US will be more than happy. I'm sure some of that spending will go towards the purchase of American tech (also F-35s LOL), and with Russia's influence with the EU likely to decrease, China will be the next target.

And who knows, if everything falls into place, maybe we'll get another Wehrmacht.