Sucking up water has bent/stressed a con-rod, thats why it has failed in such a way. Water doesn't compress like air does. Unfortunately there is no sensor on an Alfa that shuts the engine down if you enter too deep water, and the air intake is located very low down in the engine bay. On LHD cars its not so much of a problem as the air intake is in the middle of the road, but on RHD cars its where the water will be deepest at the outer edge of the road.
We could have this back up on the road for £1500 inc vat for a new engine. You could do it cheaper with a used engine, but its always a gamble. It could be 67,000 hard miles, oil regularly ran low & major wear inside, or it could be 67,000 lovely gentle well-serviced miles and an engine that is barely even worn. But the gamble is that there is no way of knowing which it is.
Do the cambelt, tensioner, idler, waterpump, variator & seal, crank rear main seal, balance belt & tensioner (assuming yours is a 2.0 TS), auxiliary belt, all fluids and clutch while its out and make a proper job of it. Budget about a grand for all these parts & labour to fit these parts & labour to fit the engine.
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