Found this thread while i was looking for comments on my own problem; so thought i would put my pennies worth in!
I've had my 2000 1.2 (Gym Included, i.e. electric nothing) Punto for 4 years, I had the light pop up once months ago but suddenly when i started the engine to drive home from work on friday, i had no power steering!
On the previous occasion turning the ignition off and then back on worked, but to no avail on Friday, never had any other problems!
My mechanic has looked it over and said it is getting power, so must be the motor/s and given the comments i've seen here and on other sites this seem to be a common problem.
To be on the safe side i have order a new Column from a re-ferb company i found who also arrange calibration and give a 2 year guarentee (fingers crossed it turns out to be OK, coz i nearly fell off the chair when i heared the Fiat Dealer price!
) they work on a service exchange basis, so take your old one in exchange to re-ferb and sell on.
Waiting for it to be delivered to my Mechanic so we will see if i have just blown £200.00.
Post Edit:
OK, Sorry guy's, just found the below thread as well.
https://www.fiatforum.com/punto-guides/70703-punto-steering-column.html
Which is the one above called 'worthwhile reading this thread' Doh!