Addressing the Returned and Services' Association national council meeting in Wellington yesterday, the Prime Minister said he strongly supported veterans attending commemorations.
"If re-elected, National will fund World War II veterans to attend an overseas 70th anniversary official commemoration linked to their service.
"The Government will pay for business- class or Royal NZ Air Force flights, accommodation, meals and medical assistance. There'll also be Defence Force staff on hand to help.
"We owe it to the people who served us 70 years ago."
Commemorations will include the anniversaries of the battles of Monte Cassino and El Alamein, the Pacific war and D-Day.
About 90 veterans are expected to take up the offer, but more may come forward.
A spokesman for Veterans' Affairs Minister Judith Collins said that for the 50th and 60th commemorations, the Government held ballots to see which veterans would have their expenses met.
But given that this would likely be the last chance for many veterans to attend such commemorations, Ms Collins did not consider balloting appropriate, the spokesman said.
The commitment is expected to cost millions, funded out of existing baselines and through the reprioritising and reorganising of the Defence Force.
Mr Key also announced a new co-ordination unit within the Defence Force to plan and co-ordinate World War II commemorations around New Zealand.
Future events the Government has its eye on include the centenary anniversary of the Gallipoli campaign and the 60th anniversary of the Korean War armistice in 1953.
"We would also complete the development of memorial park in Wellington in time for the centenary of World War I [in 2014]," Mr Key said.
The Government also plans to modernise the War Pensions Act, following a review by the Law Commission, which recommended 170 changes.
Ms Collins will officially announce the National Party's veterans' affairs policy when she addresses the RSA national council meeting tomorrow.