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If I read this report correctly, then Italy will start using carriers like a capital ship with at least some screening forces by say 1933. I'd assume that one carrier would be in each operations area with one in reserve to bolster any trouble spots.
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However, it would be handy to know more of Italy's Risk Areas assesment; the diplomatic strategy to deal with the risks, the national defence strategy and then the naval strategy to properly comment on Italy's building strategy and force structure. eg. Italy's Indian Ocean aspirations are hostage to the UK and a lesser extent, the SAE. How do these countries react to the RM in the Indian Ocean or is a massive investment in Italian East Africa on the cards to counter perceived threats? 'Alliance value' or 'Risk Theory' are not that substantive
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One also has to wonder about Italy's Atlantic aspirations, there are three major nations who would challenge Italy's presence there, not including allies.
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The carrier and its aircraft is seen as being more flexible than a battleship, retaining a large offensive capability, whilst still being a lot cheaper than a BB. Europa costs £5m whilst PEdS costs £15m
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Its a fairly small cost really. Airgroup costs c. $2m. So about £0.5m Replacement of aircraft every 5-8years so a total cost of additional cost of £2m throughout her 20year lifetime.
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