First of all there's more air traffic here in the EU then in australia because there are something like 350million europeans spread in 25 EU countries, italy alone has 58million.
If you wanna work here you not only need an EU passport but also a JAR licence and i would suggest you to take it in the UK and not in italy (which by the way does not issue JAR licences yet).
Why the UK?because they issue full JAR licences,because their schools are better organized and because they are used to foreign students.
the costs of a JAR frozen ATPL?well in the order of 60-70 thousand euros.
job opportunities in the EU?well if you are determined and stubborn there might be chances...in italy the situation is a bit more difficult since they mostly require experienced pilots with the relative type on thir licence.
hope this helps.
ciao