How would three Illustrious-class carriers and Indomitable in service by 1940 change the war?
Short answerThey could expand Taranto, alter Mediterranean operations, and provide carriers to more task groups, including groups hunting Bismarck and potentially Force Z.
NotesIf the early armored carriers were available by the end of 1940, the Taranto strike could involve two armored carriers. More aircraft could inflict greater damage and delay the return of Italian ships to service, affecting operations around Greece and Crete. A larger pool of carriers could also put air support with separate groups hunting Bismarck. Earlier follow-on construction would further increase the available pool and improve the prospect of sending a carrier with Force Z. The enlarged carrier force would also need its aircraft supplied sooner. The counterfactual depends on what ships and aircraft can actually be made available for each operation.