The current COVID-19 pandemic will change the world, like the fall of the Berlin Wall and the 9/11 terror attacks. For the foreseeable future, EU governments will be preoccupied with dealing with the pandemic’s immediate socio-economic consequences. However, other policy areas will be affected as well. With regard to the EU’s security and defence policy, COVID-19 is likely to extinguish the unprecedented dynamism that has characterised its development since 2016. Its most immediate impact is likely to be decreased funding for several new initiatives such as the European Defence Fund. The pandemic is also likely to reduce the EU’s readiness to address crises in its neighbourhood and may hasten the Union’s relative decline as a global power if its recovery is slow and wrought by prolonged disputes between the member states over the appropriate economic response to the crisis. Yet, the EU should not completely abandon its pre-COVID-19 security and defence agenda. Both during and after the pandemic, the Union will continue to face familiar challenges such as cyberattacks, disinformation campaigns and instability in its neighbourhood.