Europe has proven itself incapable of even fulfilling the commitment to produce a million shells only ending up scraping 30% of that while prices jumped from 2k to 8k:

In October, NATO’s senior military officer, Adm. Rob Bauer, said that the price for one 155mm shell had risen from 2,000 euros ($2,171) at the start of Russia’s full-scale invasion to 8,000 euros ($8,489.60).

European industrial costs have now skyrocketed in absence of cheap pipeline gas, and the companies have zero interest eating the cost of building out a military industrial complex given that the war is very obviously lost. This is simply not profitable to do, and no sane capitalist would do this.

The reason Russia is able to ramp up its military industry is because it's state owned. Once again we see that the west ended up getting high on its own supply about the efficiency of free markets.