Tensions in Iran risk escalating, potentially affecting the terrorism threat. This is what emerges from the annual Intelligence Report, “Governing Change", presented on March 4, which analyzes the evolution of the main risk scenarios for Italy and Europe. The dossier emphasizes an increase in the threats linked with Hamas activity in Europe, namely its potential involvement in arms trafficking and hostile intentions against Israeli and Jewish targets. Recent police operations in Italy and other European nations highlight the importance of remaining vigilant about both finance methods and potential international networks. In this framework, anti-Semitism is recognized as a growing transnational and global issue. Intelligence services also warn that major global terrorist groups may exploit ongoing problems to develop propaganda and external projection capabilities, notably in Europe and Italy. On the geopolitical front, the research identified the Russian Federation as the primary threat to the European continent by 2026. The Kremlin appears to regard Europe as an adversarial bloc of reference, particularly following the establishment of channels of communication with Washington. The number and severity of hostile activities ascribed to Moscow are concerning, ranging from attacks on key infrastructure—which more than quintupled between 2023 and 2025—to sabotage and the deployment of incendiary packages. According to the study, these efforts are intended to undermine European support for Ukraine, test NATO members' weaknesses, and influence public opinion.