Italy's absence from the upcoming FIFA World Cup is expected to come at a heavy cost – not only for football fans, but also for the country's economy.

The tournament kicks off in two weeks, but four-time champions Italy will once again be missing after suffering a dramatic penalty shootout defeat to Bosnia-Herzegovina during qualifying.

The loss has sparked widespread disappointment across the country and renewed debate about the long-term decline of Italian football.

Francesco Saverio Intorcia, Sports Editor-in-Chief of La Repubblica, told CGTN the consequences extend far beyond the pitch.

"A study by Open Economics, cited in La Repubblica, estimates an economic shortfall of 1.5 billion euros [$1.75bn] and around 4,000 jobs," he said.

The losses are expected to affect ticket sales, merchandise, television rights, sponsorship and prize money. Broader sectors including tourism, hospitality and advertising are also likely to suffer, with fewer supporters gathering in fan parks, bars and public viewing areas during the tournament.

Professor Michele Costabile of Luiss University told CGTN that Italy's absence damages more than just revenue.

"There is huge economic value linked to intangibles – the image, the self-esteem of the country – to be part of a top-level global community where you are missing," he said.

Structural problems

Italy has now failed to qualify for three consecutive World Cups, raising concerns about deeper structural problems within the country's football system.

Intorcia told CGTN that tensions between club priorities and the national team have contributed to the decline.

"The system fell into crisis because clubs increasingly choose cheaper foreign players who suit their needs, but not necessarily the national team. There needs to be reform," he said.

Attention is now turning to leadership changes within the Italian Football Federation, which is set to elect a new president in June. Many hope the appointment will mark the beginning of a rebuilding process focused on youth development and long-term reform.

At DF Academy in Rome, coach Cesare Maiorca told CGTN many young players have grown up without seeing Italy compete on football's biggest stage.

"The young players here don't know what it means to see Italy play in a World Cup," he said.

DF Academy President Francesco Florio told CGTN that young Italians now look elsewhere for sporting role models.

"They don't have national football idols like Jannik Sinner in tennis or Kimi Antonelli in Formula One," he said.

Italy last appeared at a FIFA World Cup in 2014. Fans will now have to wait until at least 2030 for another chance to see the Azzurri return to the global stage.