More importantly, Unicredit also released loan provisions estimates for Q1 2020 and 2020. It's important for 3 reasons:
1) UCG is a GSIB - biggest Italian bank
2) UCG is big in SMEs in a country severely hit by Covid
3) UCG's CEO doesn't like to cook the books https://twitter.com/jeuasommenulle/status/1252847465474088960

For IFRS 9 purposes they used a scenario worse than IMF (FY20 GDP decline of 13% !!) with 10% recovery in FY21. They get 900m LLP (cost of risk 110bps, o.w. 80bps "pure IFRS9")

FY 2020 is estimated at 100-120bps. Honestly, this is much better than I thought. Also remember that a big chunck (70%) of the 80bps will be transitioned back to CET1.

Unicredit starts being loss making around 250bps cost of risk, so they still have some breathing space.

All in all, I find this reinsuring, especially coming from Unicredit. BUT AS ALWAYS THIS IS NOT INVESTMENT ADVICE
(& by the way consensus was even more optimistic than that so I don't even know how the market will take this)