Balotelli was out partying on Sunday night and overslept, missing the flight to join the Azzurrini in Trieste, so he turned up three and a half hours late.
Former Chelsea striker Casiraghi rapped: "Seeing a lad of his talent who at 18 behaves like this both with the national team and his club is infuriating.
"I hope he changes for his own good. I spoke to him for a long time and I hope he understood, but I'm not sure that he did."
Jose Mourinho had frozen the starlet out of his squad for several weeks over "disciplinary reasons" and welcomed him back at the weekend for the 3-0 win over Lecce, but he may not have learned his lesson.
"Italy are not a club, so if you have one chance then you have to make the most of it," continued an irate Casiraghi.
"The fact he remained in the squad was my own choice. It is the first time he has made a mistake with us and I always give people a second chance. I don't know if it's his last one, though."