It represents the negativity of the past year, and by burning it, we can be rid of the bad parts of the past to make way for positivity in the new year. Each year the statue is designed by a different artist, so this tradition is also a celebration of the artistic talent in Italy. This tradition is unique to certain cities, with Bologna celebrating it because of the long history of art and student interest in politics.
The statue is always made from natural materials, so that it can be burned without causing issues in the atmosphere. This year the creature was constructed with the help of an all-female art student group at the University of Bologna, who followed the directions of the artist to build it.