Obviously PayPal has nothing to do with Bolzano, capital city of the province of South Tyrol in northern Italy. But the phishing email seems to be originated from https://nam01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.procura.bz.it%2Fdocumenti%2FAuthflow.htm&data=02%7C01%7C%7C101c3188a1b54385fd1908d619f7842b%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636724948190135838&sdata=iyv3XBMDa6A8uLxeednEW2eBjM6ltdGH8rx0dlb9wZU%3D&reserved=0. Someone in the city hall has been hacked and spammer is using the address to send spam emails.

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To protect your account, we often look for the first signs of potentially fraudulent activity.

http://www.procura.bz.it
no-reply51275813507758545937@id02.awfatech.com

Most phishing e-mails prompt recipients for action ASAP; that way, there isn't time to process what you're reading and doubt its veracity. But think about it: How many times have you sent an e-mail that was really urgent? Typically, urgent requests are made by phone or in person, not via e-mail. This is one of the biggest signs of a scam.