Maybe, but most the EU member states manufacturing has crashed, notably Germany. Rheinmetal, Germaine’s largest defense company can’t even fulfill the munitions obligations from 2023.
Throw in they blew up the Nordstream pipeline ( fools) and for example a 155mm artillery shell cost went up 5x. They relied on cheap energy, commodities and metal from Russia ( fools, again). The seven VW plants that shut down are now being discussed to retool them for Defense.
It will take a decade.
As far as weapons and ammo NATO countries have greatly increased manufacturing, and some are now starting to make Patriot missiles and systems.