A bill to provide relief and rehabilitation assistance to the victims of the recent earthquake in Italy.

Amends the Foreign Assistance Act of 1961 to authorize the President to furnish disaster relief and reconstruction assistance for the victims of the recent earthquakes in Italy.

Authorizes appropriations for fiscal year 1981, to remain available until expended, for the purposes of this Act. States that such assistance shall be provided in accordance with specified congressional policies and authorities. Allows the charging to such appropriations of obligations previously incurred for the provision of relief and reconstruction assistance to the people of Italy.