Will Italy be safe to travel to in July?

You need to wait to see if the virus plateaus in April as is expected. 

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Not recommended at this time with the situation of Corona Viruses 

Unlikely at this point. 

No one knows for sure, but it's still on the rise and may not peak until May or later.

Put it on hold for another month and see what develops.

Too early to know.  I suspect it will be like Puerto Rico after the hurricane.  They will be starved for tourists as soon as it's safe.  We were in PR weeks after the hurricane and they really appreciated the tourist dollars.

I'm in much the same boat as you.  I"ve got a vacation to Spain in May.  All the hotels are "pay as you go", and I an cancel a week ahead, but I've paid for air.  I'll only cancel if I get my air fare back.