Let‘s start with what this won‘t do: it won‘t stop bullying, harassment or revenge porn in Italy. The majority of services on which Italians express themselves are not based in Italy, and those with Italian sales-offices, etc, can and will simply move offices rather than face a €100,000 fine every time someone insults someone else online.
But what it will do is create a tool for easy censorship without due process or penalty for misuse.