Milan and Cortina d'Ampezzo on Monday were awarded the 2026 Winter Olympic Games after a vote by the International Olympic Committee membership.
Milan beat Stockholm for the right to host the Games in seven years' time, prompting loud celebrations from the bid team after IOC President Thomas Bach announced the result.
"Italy, the future and sport have won," Italy's Deputy Prime Minister Matteo Salvini said back in Italy.
"Thanks to those who believed in it right away, especially in the Municipalities and Regions, and a pity for those who gave up.
"There will be at least five billion (euros) in added value, 20,000 jobs, as well as many new roads and sports facilities. With the Winter Olympics we will confirm our excellence and our skills to the world ".
Milan and Stockholm were the only candidates left after four other cities -- Swiss city Sion, Japan's Sapporo, Austria's Graz and 1988 hosts Calgary in Canada -- had dropped out of the race with concerns over the size and cost of the event.
Italy last hosted the winter Olympics in 2006 in Turin while Cortina hosted the winter Games back in 1956.
Sweden, a winter sports powerhouse who hosted the summer Olympics back in 1912, have now bid eight times unsuccessfully for the winter Games.
The Italian bid had gained an advantage over their opponents after a recent evaluation report by the IOC showed much stronger local support for the Olympics at over 80 percent among the population, compared to just over 50 percent for the Stockholm-Are candidacy.