Too many crashes, IMHO, during such shows. Probably rules should be tightened regarding minimum altitude for such manoeuvres and giving a larger margin if anything goes wrong.
This tragic crash is quite similar to the one, also happened in Italian skies in Sept. 1990 with Su-27 and a pilot who I knew well:
https://www.youtube.com/watch?v=4wlnnZZsx2k (from 1'10" through 1'25").