Norway’s security outlook has changed profoundly since Russia invaded Ukraine and Donald Trump returned to the White House. Once confident with the U.S. guarantee of security and its NATO anchor, Norway now faces a more uncertain transatlantic environment while remaining outside the EU. As Russia reasserts itself in the High North, concerns have grown about hybrid operations and potential attacks on critical infrastructure—especially Norway’s offshore installations and gas production, now vital to Europe’s energy security. While Norway spends more and cooperates more closely with Brussels, it still lacks a voice where key decisions are made. In this new European reality, it could be argued that Norway’s threat perception corresponds to ‘yellow’, under the traffic light system: it prepares seriously for potential conflict and hybrid threats, but does not expect a direct attack. Remaining outside of the EU now weakens rather than safeguards Norwegian security.