Then they wouldn't be that different from cruisers/dds you enemy might deploy anyway, and being outnumbered in similar ships will get you killed fast.
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You pay in tech, you build expensive ships, and all you get in return is forcing enemy ASW hunter killers.and patrols off station, till air power dents enemy raiders into port/to the bottom of ocean. Is it worth is?
The only real tech you need as Germany to surface raid effectively is DP guns, which isn't hard to research. That lets you put together light cruisers with between 10-20 (or more) AA, that still have 14+ light attack. Note that tactical bombers will get shot up pretty badly by a group of these, even if they're forced to go back and repair (and if you're repairing in Spanish shipyards, you won't even lose any dockyards while they get fixed up); you're also sparing a lot of subs air attack, since they can't shoot back at all. The raider picks and chooses where to be at any time, and while a Royal Navy convoy escort fleet might be larger in numbers, it will also be scattered across multiple seazones. The more areas you raid, the more these ships get scattered, and each one needs at least enough ships nearby to defend its area. If you're just defending Britain and Iceland with airfields its one thing to use bombers, but when raids start scattering to distant locations like the Caribbean, South Africa, and the Indian Ocean, you're going to need to build up airfields to even cover some of those seazones effectively (and bombers somewhere like Sri Lanka are going to be stuck there for a while).
You can still beat raiders with a larger fleet, and obviously its a high-risk strategy since ships that get crippled far from friendly territory are going to be at higher risk of sinking than ones fleeing close to home (and friendly aircover is unlikely if you're raiding in distant seazones). But properly-used raiders can force someone like the RN to both spread their fleet (and air force) out dangerously across multiple oceans, and even if all it does is weaken their doomstack somewhat you're still helping Italy out a ton by scattering ships far and wide, and wasting fuel helps to weaken the British economy. If the British are making bombers to counter German cruisers, then you're also spending their military factories on naval warfare, which indirectly helps your own military by reducing the threat to you on-land (or from strat-bombing, if that's allowed).
The key for me with raiders is also that they don't need to be out all the time, but a defender needs to be ready for them all the time. If you don't have ships in a particular seazone and you've been funnelling your convoys into specific routes to defend them against submarine attack, then you're going to have very large masses of convoys that could get messed up badly if, for instance, a small fleet sailed out and just blasted apart 60 convoys in one sitting; sail out, hit once, then sail back. Your fuel loss from that raid is going to be a lot less than Britain's from searching all over the place for you. Then there's the simple fact that Germany doesn't need half as many ships to defend its shores as the British do, so scattering your own fleet isn't nearly as risky for you as it is for Britain.
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