In one of the games of the tournament Italy won on penalties in a game that will live long in the memory.
They will play England or Denmark after a brilliant game went to extra time.
Spain were looking the most likely to find a winner, but it ended 1-1 after 120 minutes and the semi-final went to penalties.
The shootout started with substitute Manuel Locatelli’s penalty being saved by Simon, before Olmo wasted his chance to give Spain an early lead by firing well off target.
Andrea Belotti, Gerard Moreno, Leonardo Bonucci, Thiago Alcantara and Federico Bernardeschi scored their spot-kicks before Donnarumma got down to his left to deny Morata.
Jorginho stepped up and coolly rolled home the winning spot-kick, with the 4-2 shootout win sending Italy through to Sunday’s final against England or Denmark and triggering wild celebrations across Peterborough’s Italian community.