More likely this budget is provided by the European Union for this particular sector investment. So they took it because it is from money. It doesn’t matter that the investment is not enough and it will deliver nothing or fail. The important thing is the money that will be distributed through bribes and overly inflated costs. This money is one reason more to fall in line with whatever policy the EU pursues. Including the current propaganda against Russia. Italy would lick any boot for money.
That isn’t really enough for a single competitive fab, so I guess they’re just trying to build out some basic manufacturing capability in the hope that in future they’ll be able to build on it?