In this paper we analyse the so-called “new migrations” across Italian regions, taking explicitly into account both graduates and the whole population. As regards graduates, we emphasize that net migration in southern regions has always been negative and that it has gone further deteriorating in recent years. As far as population is concerned, we estimate the human capital endowment that considers both region-specific rates of returns and a region-specific index of educational quality. Following such an approach, once more, we are able to highlight that southern regions have suffered from a net loss of human capital of which central-northern regions have taken advantage. Finally, we estimate the influence of interregional migration flows on regional added value in order to quantify their impact in terms of output losses.