The World Cup win for Italy means many things to that country. A morale booster to citizens who are dismayed and disgusted at the match fixing scandal in the Serie and want the league to be cleaned up. The victory has thrown a lifeline to Romano Prodi's fragile coalition government. It has also probably taken away a potentially nasty backbiting fight between Silvio Berlusconi and his Forza Italia members with the center-left Prodi government, who see the Serie investgation as being motivated by gotcha politics.
However, there is also the good news that the World Cup actually increases the winner's GDP by .7%. This comes from a study done by ABN Amro analysts. JP Morgan estimates that consumption in countries that won the World Cup rose more than the EU averages. Italy's GDP is estimated at an anemic 1.5% and it brings up the rear in the EU along with France and Germany. Retail sales and Industrial production also lag behind most EU countries. So this is good news for a stagnant economy.
From the Economist, Jul 15th 2006 (Subscription needed).