For all the fretting about Euroskeptic parties in impending elections in France and the Netherlands, Italy is making a fair bid to be the biggest political risk in Europe.

The spectacular failure of Matteo Renzi has reduced Italy’s fractious politics to a shambles more complete even than all the previous political shambles in a turmoil-ridden country.

Renzi has demolished whatever structure or continuity remained in Italy’s center-left just as effectively as Silvio Berlusconi dismantled the center-right.

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With one disastrous decision after another, the brash former mayor of Florence has fallen victim to his own hubris and left Italy’s progressive forces in disarray even as the conservatives have yet to reconstruct themselves.

This leaves the cheerful anarchy of Beppe Grillo’s Euroskeptic Five Star Movement (M5S) as the last man standing. The only check on its momentum is that its anti-everything stance does not translate into good governance, as evidenced by the disastrous performance of Virginia Raggi as mayor of Rome.

Renzi, who had touted himself not only as the savior of Italy but the new strongman of Europe, resigned as prime minister in December after voters resoundingly rejected his proposed electoral reform because it concentrated too much power in the hands of, yes, the prime minister.

Last month, faced with growing dissent inside his Democratic Party (PD), he stepped down as party leader so that new elections could affirm him in office.

Instead, rebels within the party took it as a signal that the PD was irredeemable and they broke off to form their own party further to the left, the Democratic and Progressive Movement (MDP). They took enough lawmakers with them that they could now potentially bring down the government.

Italy is not due to have elections until next year but the current disarray is making earlier elections more likely than ever, perhaps as soon as June.

Even sooner, municipal elections this spring will test the support for the M5S protest movement in the polls.

For all the scandals and infighting that beset the movement, it continues to rise in opinion polls, as strong anti-establishment feeling enables Grillo to levitate in much the same way Donald Trump does, despite the barrage of criticism heaped upon him by the elites and the mainstream media.

Some cling to the hope that Renzi will be able to mount a comeback. Conservative Italian commentator Giuliano Ferrara said that Renzi needs to reinvent himself along the lines of France’s Emmanuel Macron, the renegade Socialist who is running for the French presidency as a self-declared centrist.

Ferrara recalled the bon mot from former French President François Mitterrand that centrists in Europe are “neither left nor left.”

“After all, in the European political context, centrists are essentially rightist,” Ferrara wrote last week in Politico Europe, “and that’s an identity that Renzi needs to embrace.”

Stranger things have happened, but it would seem to take a minor miracle at this point for Renzi to make that kind of comeback.

Since the Democratic and Progressive Movement splintered off last month, it has drained support from the Democratic Party in opinion polling and allowed the M5S to take the lead. Grillo’s movement has resolutely refused to consider a coalition government, but its 30% would not be enough to win a majority in Parliament.

On the right — which is where most analysts would place 5SM — there are the separatist Northern League led by Matteo Salvini and the Forza Italia led by Berlusconi, the longtime prime minister who is diminished but hardly a spent force. If these three parties could find their way together to govern, they would easily have a majority, according to current polls.

Journalist James Kirchick had some fun in Foreign Policy this week with an amusingly fantastical article — expressly labeled “speculative fiction” — reporting on a Russian incursion into Estonia in 2022 that an enfeebled NATO was unwilling to resist. (The article coincides with the release of his new book, “The End of Europe: Dictators, Demagogues and the Coming Dark Age.”)

In his dystopian fiction, Kirchick plays out today’s political trends going to their logical conclusions — so President Donald Trump wins re-election in 2020 against Elizabeth Warren, Prime Minister Jeremy Corbyn takes Britain out of NATO, and French President Marine Le Pen and Italian Prime Minister Beppe Grillo work to dismantle the EU.

Kirchick’s focus is on Russia’s role in helping to engineer these dire developments in Europe. In an explanatory postscript, the author acknowledges that even if one or the other of these events might take place, it is unlikely that all of them would.

Nonetheless, he concludes, “As the forces of reaction and populism gain strength on both sides of the Atlantic, it is easy to become fatalistic about the fate of Europe and liberal democracy.”

Among the trends he sees as making this “European nightmare” more likely are Russian aggression and subversion, shrinking defense budgets, waves of migration and U.S. abdication of its stabilizing role in Europe.

But Kirchick mentions only in passing the two reasons that mostly account for the voter revolt in Europe and the ascendancy of Le Pen and Grillo — economic stagnation and the unaddressed “roots of illiberal populism and nationalism.”

Both of these go back to the blinkered policies of the European Union foisted upon Europe by an out-of-touch political elite, and that is what has made voters restive. It’s not likely that a Europhile former banker like Macron or a reinvented Renzi will be able to tame that unrest.