Yes. Germany and many other European countries had little to none political support for investing in their militaries. Now they do, and it is going to be a problem later on. Capitalists want return on their investments, after all.
The EU is very much on the top of the global neocolonial food chain, but they were mostly (looking at you France) not doing like super a lot (looking at you UK and US) of “interventions” to secure their interests all over the world.*
Most Western powers are part of NATO, which is its own can of worms. Still, Russia invading Ukraine has made support for NATO much more popular (see Sweden and Finland as case studies), and now the bloc is more consolidated than ever. The timing could not be worse with respect to the overtly fascist leaders gaining traction in the very same countries.