The US Navy is doling out some $76.6 billion in contracts to improve shipyards and build Virginia-class attack and Columbia-class ballistic missile submarines, Axios reports.

The respective deals with General Dynamics Electric Boat and HII's Newport News Shipbuilding are long awaited.

They also have ripple effects for the AUKUS security pact and the American nuclear arsenal.

"These contract awards will be the driving force to stimulate growth across the submarine industrial base," Rep. Joe Courtney (D-Conn.) said in a statement.