The treaty left Italy free to build a carrier or convert another Caracciolo hull. Mediterranean land bases might have covered much of the sea, yet organic carrier aviation would have added a useful capability. Any such carrier would also have become a prime target for Malta-based U-class submarines. The idea remains a missed opportunity with operational costs rather than an outcome prohibited by the treaty.
Notable Point · 26:03-26:55
Italy's unused carrier allowance
Italy could have built a carrier or converted another Caracciolo hull despite arguments that Mediterranean land bases made one unnecessary.