In a small bowl, dissolve the saffron threads in 2 tablespoons of the hot stock and set aside to infuse.

Heat the olive oil in a large, heavy-bottomed pan over medium heat. Add the chopped onion and cook until softened, about 5 minutes.

Stir in the minced garlic and cook for another minute until fragrant, being careful not to burn it.

Add the squid rings and the Arborio rice to the pan. Sauté for 2-3 minutes, stirring constantly, until the rice is slightly toasted and coated in oil.

Pour in the white wine and stir continuously until the liquid is fully absorbed by the rice.

Begin adding the hot stock one ladle at a time, stirring frequently. Wait until the liquid is almost absorbed before adding the next ladle. Stir in the saffron mixture and smoked paprika with the first ladle of stock.

Continue this process for about 15-18 minutes until the rice is tender but still has a slight bite (al dente).

Stir in the shrimp and cook for another 3-4 minutes until they turn pink and opaque.

Remove the pan from heat. Stir in the butter to create a glossy, creamy finish and season with salt and pepper to taste.

Serve immediately, garnished with fresh parsley and lemon wedges on the side for squeezing.