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After a 1-1 draw in 120 minutes of action, the Azzurri won 3-2 on penalties - with Marcus Rashford, Jadon Sancho and Bukayo Saka all missing for England.
Jordan Pickford denied Andrea Belotti and Jorginho from 12 yards but it was Italy who emerged victorious when Gianluigi Donnarumma parried Arsenal man Saka's effort away.
There were euphoric scenes among the Italy squad and almost immediately after, Bonucci celebrated by screaming "It's coming to Rome" into the camera - putting a different take on the "It's Coming Home" phrase that England fans have uttered in support of their team.
Bonucci shouting "It's coming to Rome!" straight down the camera about 30 seconds after the end of the shootout is some vibe.- Tom Williams (@tomwfootball) July 11, 2021
After failing to qualify for the last World Cup, European champions Italy have now gone 34 games unbeaten under Roberto Mancini, with their last defeat coming against Portugal in a UEFA Nations League game in 2018.
Luke Shaw opened the scoring for England and sent Wembley into raptures when he notched the fastest goal in the history of European Championship finals.
But Italy found their way in the second half and Bonucci levelled from a corner. It went all the way to penalties, where Italy won a sixth major tournament.
Crucial misses from England led to captain Giorgio Chiellini proudly holding the the Henri Delaunay Trophy aloft during the official prize presentation.
Bonucci, meanwhile, was named as the 'Star of the Match' after the 34-year-old delivered another imperious defensive display.
:dart: Great distribution throughout- UEFA EURO 2020 (@EURO2020) July 11, 2021
:muscle: Strong defensive display at 34
:soccer: Scored the all-important equaliser
:flag_it: Italy hero Leonardo Bonucci = Star of the Match!
Did you predict that?@Heineken ' #EUROSOTM ' #EURO2020 pic.twitter.com/zNdJbntUiE
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