The most common and most likely answer to this crossword clue is the 11 letter word MYTHOLOGISE
I've seen this crossword clue in Independent
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More clues leading to the result MYTHOLOGISE
Buddy explains!

The straight part
We know that ", amazingly eighty looms (11)" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case , amazingly eighty looms (11) = mythologise.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does MYTHOLOGISE mean?
MYTHOLOGISE verb- To interpret (a story etc.) as mythological; to explain the symbolic meaning of.
- To construct a myth or mythology.
- To make (something or someone) into a myth; to create a legend about.