The Azzurri win the European Cup... a gold mine for the Italian economy
Many economists in Italy expect the positive effects of their country's victory in the European Nations Cup "Euro 2020".
Even the sober Italian Economy Minister Daniele Franco, praised by his peers in Brussels after his country's European Cup victory, believes: Squadra Azzura's penalty shootout victory over England is expected to bring significant economic benefits to the peninsula.
Franco was not satisfied with this, but that things for him are crystal clear, as he compared his country's victory in the press conference he held after the meeting of European Union ministers on Tuesday to "Europe's victory" over "the country that decided to leave it", and he hoped that it would give This victory will "confidence" for Italy and "relax its positive repercussions on the economy."
Economists took out their calculators to assess the economic impact of the Azzurri win, with Coldiretti, the national farmers' union, forecasting a 0.7 percent increase in GDP, and consulting firm Brand Finance forecasting an immediate impact of 4 billion euros. Coldiretti is based on a study by ABN-AMRO that estimated the impact of Italy's 2006 World Cup victory at 0.7 percent of GDP. At that time, Italy witnessed a jump in its exports by about 10 percent in the following year, while its unemployment rate decreased by 0.7 points to 6.1 percent.
In order to celebrate the victory over the "Three Lions" team on penalties 3-2 after a 1-1 draw in normal and extra time, a group of farmers went to welcome the "Azzuri" heroes during their visit to the Presidential Palace in Rome on Monday.
The Coldiretti federation resolves doubts that this victory "will increase Italy's prestige, and will further promote 'Made in Italy' in foreign markets."
To all this, add a dose of hope, as this victory is likely to give wings to tourism, which has been in a state of free fall since the beginning of the outbreak of the Corona virus, but has since shown signs of recovery.
The number of foreign visitors is also expected to increase by 32 percent this month and next August.
But it remains below the pre-Covid-19 level, according to reports issued by the Federation of Chambers of Commerce.
Facade on the World
"Italy's victory is of great importance to the nation, especially after the difficult times of the pandemic, as consumer morale is rising," said Massimo Pizzo, director of Brand Finance Italy.
The euphoria surrounding the victory is expected to increase spending, particularly in the food and beverage sectors, with an expected increase in alcohol and tobacco consumption, in transportation, entertainment and hotels, according to the consultancy's surveys.
But beware of confusing it, as Simona Caricazzolo, a mathematical economist at Luis University in Rome, warned, “We have to be careful with the numbers, it is certain that GDP will rise, but we have to put things in perspective, it will also be the impact of the recovery after the epidemic.”
"It is a great message of hope after the epidemic, it is an extraordinary show to the world, there will certainly be a positive impact on exports and tourism," she told AFP.
Growth of at least 5 percent
Daniele Franco estimated that growth in Italy, the third largest economy in the European continent, may exceed 5% this year, after a decrease in GDP by 8.9% in 2020. In the same context, Caricazullo referred to the reality of the sale of the Italian national team shirts on It's a source of income "Fans buy the Azzurri shirt because they feel they are part of the victory." The official blue jerseys for the national team, produced by sports equipment company Puma and selling for 140 euros, were lost from the market the day after the final, and in some stores even before the deadline for the football wedding.
As for the 26 players on the list of coach Roberto Mancini, the victory guaranteed them a bonus of 250 thousand euros for each of them, after the local federation of the game obtained from the European Confederation "UEFA" an amount of 28.5 million euros for winning the European Cup.
According to Brand Finance, revenue from Squadra Azzurra's sponsorship is expected to grow by 13 million euros to reach 59 million annually.
He watched the final match at the famous Wembley Stadium, which highlighted two countries where football is the "king", more than 20 million spectators in Italy, or one in three people, compared to 30 million in England.
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