The Iberian Peninsula is much larger than the Italian
Peninsula.
The Iberian Peninsula is about 590,000 km2 in area, while the
Italian Peninsula is only about 300,000 km2 in area.
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The Italian peninsula is a peninsula. It is not a country but a
georgraphical feature. Therefore there is no 'official' name. The
same applies to the continent of 'South America' and 'North
America'. This isn't official merely geographic and in many
languages both of these regions are considered to be 1 continent
and not 2.