Neutrality in Italy and Greece could spare Britain and the Free French the commitment and evacuation of troops in Greece, as well as later fighting in Sicily and Italy. The Allies would keep more equipment and supplies for another invasion of Europe. They would also lose opportunities to learn from amphibious operations. Germany could concentrate more experienced divisions against that invasion because an Italian campaign would no longer hold them down. More Allied equipment and fewer losses would come with less operational experience and a more concentrated German defence.
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More Allied resources, less Mediterranean experience
A shorter Mediterranean war could spare equipment while leaving later Allied armies with less campaign experience.