Since each sub is worth 135 convoys in IC you really need to sink to many right now.
I think apart from that cost there is also the 6(?) different techs for building your subs and then another 4(?) or so doctrine techs to keep up to date, that is a very large investment and then to have to sink 135 convoys without taking damage yourself to recoup some of the costs seams quite insane.
The only way i can see it working is that you first build a large surface fleet, go and sink every enemy ship and then send everything you have convoy hunting without resistance, and then even with all that i doubt you can sink them faster than the enemy can build them.
In my current game as Italy my subs sunk 10 convoys maybe in a year in the med, several sunk and also at the same time the british only sunk about the same of mine, it just doesn't have any serious effect atm.