Germany and Holland are really delinquent here, Holland now has no actual navy, Germany would be unable to mount any defence of itself or Poland in a war with Russia.
This will matter in the next few years.
Germany has constitutional limits placed on her defence demanded by the post-WW2 allies, even if they did spend more. There's limits on when and how they can operate outside of Germany - though I'm very unclear on the detail. Holland may not have much navy - but it certainly still exists with frigates, submarines and what have you, and plans for new vessels - just rather few of them. They recently increased budget to get nearer that 2%. They've a population of about 15m, I think a modern carrier is simply out of reach without completely unbalancing their defence budget. They're way past their projecting power era anyway.
I do completely agree all signatories should stick better to that Nato agreed 2% though, or any future agreed amount.
America badly wanted Pax Americana, got it, and just as Pax Britannica and Pax Romana did, it costs.