Railway beats Bridge over the Strait: 2.8 billion moved to lighten RFI's debt. And the timeline for the project extends to 2034.

The Meloni government is revising the funds for the Bridge over the Strait. After the first reallocation at the end of 2025, another one of 2.8 billion euros is coming. Included in the decree on public works commissioners, this shifts these resources from the mega project, whose authorization process has significantly slowed down in light of the shortcomings highlighted by the Court of Auditors, to the Italian Railway Network (Rfi). Two tranches are planned — 1.8 billion in 2026 and 1 billion in 2027 — with an explicit purpose: the reduction of the debt exposure of the company that manages the tracks. The operation ends up further delaying the schedule for the Bridge, which according to the new timelines, should only become a reality in 2034. The total expenditure remains unchanged: 13.5 billion euros. 

What the decree provides: the management of the commissioners and the “fast track” for Rfi's cash

At the heart of the measure — awaited and recalibrated after the remarks from the General Accounting Office — is the lever of the extraordinary commissioners: figures with accelerating powers over construction sites and authorizations. The substantial novelty, however, is the allocation of 2.8 billion to Rfi with a corporate finance objective: to reduce the debt burden that the company has accumulated while maintaining the most intense investment cycle in recent decades. The timeline — 2026: 1.8 billion; 2027: 1 billion — is consistent with the need to provide oxygen to cash flows in the most strained two-year period for Pnrr and post-Pnrr disbursements and rising material costs.

The context: Bridge over the Strait, timelines slipping and cash being reorganized

In recent months, part of the resources originally scheduled for around 2025 has been pushed further back, with portions deferred to 2032-2033. In December, about 780 million euros, through a maxi amendment to the Financial Law, were shifted to businesses, refinancing of the Zes, and tax credits. The government spoke of “reallocation”, not defunding, but the practical message is clear: the schedule is extending and the spending profile is adapting. Work is expected to begin in September 2026 and end in 2033. 2034 should be the first year of operation for the project. 

At the same time, immediate commitments on the ordinary network are increasing, where Rfi is completing tenders and construction sites for maintenance, safety, and technological upgrades. In this scenario, “repositioning” 2.8 billion to Rfi also serves to secure the continuity of contracts and to contain rising financial burdens.

The Strait of Messina clarifies that: "The timeline for the construction of the bridge is set at 7.4 years. The Contract with the Contractor covers the entire construction period. Work is estimated to begin in September 2026. Completion in 2033. 2034 will be the first year of operation for the bridge. The funds allocated for 2034 are intended for accounting and financial adjustments post-construction and the payment of the final SALs."

Why reducing RFI's debt is a priority now

The financial position of the railway group is under pressure after two years of record investments: 9 billion in a single fiscal year. The Ferrovie dello Stato (FS) Group closed 2024 with growing revenues but a negative net result and an increased net financial position, reflecting the reliance on funding to support the development plan. 

The cash profile for 2026-2027 is particularly dense: between Pnrr completions, program contracts, and extraordinary maintenance, the outflows are high. The injection of 1.8 billion in 2026 and 1 billion in 2027 helps to mitigate the peak of financial burdens and maintain stable payments to suppliers, avoiding slowdowns that would have an economic (penalties, extra costs) and reputational cost.

The bridge decree next week in Parliament

Meanwhile, on Tuesday the "bridge decree", the solution proposed by the government to keep the mega project afloat, will arrive in Parliament. The examination will be in first reading at the Senate. The goal is threefold: to strengthen coordination among central administrations; to align the procedure with the observations of the Court of Auditors and the European Commission; to provide certainty regarding timelines and responsibilities through extraordinary commissioners for access works and framework regulations on concessions.

According to what is illustrated in notes and official reconstructions, the  Ministry of Infrastructure and Transport (Mit) assumes the role of steering committee: it will take care of the preparatory tasks – including the update of the  economic-financial plan (PEF), obtaining the opinion of the Transport Regulation Authority (ART) on tariffs, the transition to the  Higher Council of Public Works – and the formal dialogue with the  European Commission to verify the full compatibility of the project with EU law.

On the operational responsibilities front, the decree identifies the  extraordinary commissioners for the access works: the CEO of RFI, Aldo Isi, for the railway part in  Sicily and  Calabria, and – in parallel for the road component on several strategic construction sites – the CEO of ANAS, Claudio Gemme. The intention is to proceed “in parallel” with the main work, in order to avoid the classic bottleneck of ground connections.

A significant difference compared to drafts circulated at the end of January is the abandonment of the figure of the  “super-commissioner” initially suggested for the CEO of Stretto di Messina S.p.A., Pietro Ciucci: the version approved by the  Cdm incorporates technical and institutional observations, redistributing functions and controls and bringing the center of gravity back to the  Mit.