"All main political parties, particularly the government parties, are eager to score political points," Federico Santi, Europe analyst at Eurasia Group, told CNBC's "Squawk Box Europe" on Thursday.

The country's political parties have apportioned blame for the disaster to, variously, previous governments, the European Union, the road management company and even the Mafia.

Italy is embroiled in a blame game after a freeway bridge collapsed on Tuesday in the city of Genoa, killing at least 39 people.

The current government, a coalition between the far-right Lega and the leftist Five-Star Movement (M5S), is nearing a critical point with its first budget in office due before mid-October. The financial plan will be critical to understanding the relationship between the two parties, how they might conflict with the EU, and whether investors think their plan is credible.

Prime Minister Giuseppe Conte announced that his government would revoke road management company Autostrade's concession without waiting for the findings of a criminal investigation. Autostrade is responsible for 3,000 kilometers of toll roads in Italy, about half of the total amount, and has been under intense scrutiny after the incident in Genoa. The firm has been criticized for charging the highest tolls in Europe and yet failing to prevent the infrastructure collapse.

Autostrade said this week that quarterly checks had produced "adequate reassurances" on the state of the bridge. However, the company is reported to have started bids for improving the bridge in Genoa in April. Shares of its mother company Atlantia fell by as much as 23 percent on Thursday morning.

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Deputy Prime Minister Matteo Salvini, who heads the Eurosceptic party Lega, was quick to turn the tragedy against the EU.

"Italy must be able to spend the money needed to secure rivers, schools, highways and hospitals, without any foolish European constraints to prevent it. First comes the security of the Italians," Salvini said on Twitter, criticizing fiscal rules applied across the EU to prevent countries from hitting excessive deficits.

Santi from Eurasia described Salvini's comments as "a stretch." "Blaming the EU for this is quite a stretch… Infrastructure spending is very much a remit of national governments still. In fact, the EU has been encouraging Italy to spend more in infrastructure and has made funds available," he told CNBC.