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Italian economy set to take €1 billion hit following World Cup flop

Former CONI president Franco Carraro has revealed just how much Italy's disastrous World Cup qualifying campaign is set to cost the nation's economy, estimating a hit of around €1 billion.

Gian Piero Ventura's side were beaten by Sweden in Stockholm on Friday November 10, leaving their place in next year's finals in doubt ahead of the second leg. 

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A 0-0 followed at packed San Siro on Monday evening, meaning Italy had failed to qualify for the first time in 1958.

Furious reaction from supporters was followed by the retirement of World Cup-winning trio of goalkeeper Gianluigi Buffon, defender Andrea Barzagli and midfielder Daniele De Rossi, marking the end of an era for Azzurri.

Not only will the Italian national team not be taking part in Russia next year, it is set to cost the country, indirectly, around 1bn. 

"It will be roughly 500-600 million, and we must see if we talk about direct or indirect. If it does, indirectly probably surpasses one billion, surely surpasses one billion," Carraro said.

Alessandro Florenzi Italy Chiellini Italy Sweden

"[President of the Italian Football Federation, Carlo] Tavecchio said he took 48 hours of time - he must look in the mirror, he has to evaluate the situation, and if he thinks there are psychological and environmental conditions to do so, he has to stay. 

"If you think you should stay, you have to tell us exactly what you think.

"Ventura has what is called the objective responsibility of sport policy: when you expect a result and make 10% less, and then you make 80% less, it seems to me objectively difficult."