Fantasmagorica describes something dreamlike, spectacular, and almost unreal, with a mysterious or magical quality. In the song, liberty is called esigentissima, fantasmagorica, presenting her as both demanding and wonderfully imaginative, like a dazzling vision that inspires people.
Jovanotti sings to freedom as if she were a woman he loves. She is "Preziosa e fragile" (precious and fragile), "Instabile e precaria" (unstable and precarious), and "Sempre moderna anche quando è fuori moda" (always modern even when it's out of fashion). He asks her directly: "Allenami, insegnami a vivere con te" (train me, teach me to live with you).
The second verse gives her a body that has lived: "Ha mille rughe ma è sempre giovane" (she has a thousand wrinkles but she's always young), "Ha cicatrici qua, ferite aperte là" (she has scars here, open wounds there). Then he turns protective, "Io ti difenderò, madre dolcissima" (I will defend you, sweetest mother), and calls on "Le donne e gli uomini" (women and men), wild plants and animals to show themselves. The last verse widens it to everyone: "La voglio anche per chi non la vuole per sé" (I want it also for those who don't want it for themselves), because in "Tempi difficili, a volte tragici" (difficult times, sometimes tragic) "Bisogna crederci e non arrendersi" (you have to believe and not give up). The chorus, "Viva la libertà" (long live freedom), is shouted over and over like a crowd chant.