The US has a similar rule. If I remember if you can disconnect the battery and wrap it separately in plastic, it can be shipped. Not something for someone technically challenged at either end of the shipping though even if Italy did allow it.
I've had a friend ship an ereader to me from Denmark, and one from the UK, and they made it just fine without any problems, but I might have warned them what to list it as.
I really don't get the rule either, since electronic items with rechargeable batteries are shipped by air everyday, and the packaging has been in just plain padded envelopes at times when I've received them, definitely nothing special at all. Not to mention all the cell phones, netbooks, tablets, ereaders, that passengers bring with them on board daily either.
And yes, going through FedEx would be ridiculously expensive. If you're really worried about something happening to it, I hope you're planning to visit there soon so you can take it on board with you, that's probably your only option unless you want to risk lying.
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