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The Italians, who wanted to cut the British naval lifeline to Africa, were reluctant to risk their fleet in a battle with the British. They preferred to keep them safely moored in port, with the threat of them coming out enough to force the British to be conservative. This is the theory of Fleet in Being
The British, upset with the potential for an attack on their lifelines, launched Operation Judgement, the surprise attack on Taranto. They assembled a naval task force and
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sailed until they were just off the Greek island of Cephalonia. The British carrier Illustrious then launched 21 swordfish bi-plane bombers in two waves.
The Italian fleet was caught off-guard by the raid, and decimated. All the ships in the harbor, including the Conte Di Cavour, Caio Duilio, and Littorio, were damaged or sunk. The Italian fleet was mortally wounded, and would never again threaten the British supply to Africa.
The raid also served as the major inspiration for the Japanese attack on Pearl Harbor, and was heavily studied during their planning.
Artists Anthony Saunders and Robert Taylor have both done paintings of the raid and prints can be purchased online.