Emperor
The first Austrian Emperor was the last Holy Roman Emperor Francis II. In the face of aggressions by Napoleon, Francis feared for the future of the Holy Roman Empire. He wished to maintain his and his family's Imperial status in the event that the Holy Roman Empire should be dissolved, as it indeed was in 1806 when an Austrian-led army suffered a humiliating defeat at the Battle of Austerlitz. After which, the victorious Napoleon proceeded to dismantle the old "Reich" by severing a good portion from the empire and turning it into a separate Confederation of the Rhine. With the size of his imperial realm significantly reduced, Francis II, "Holy Roman Emperor" became Francis I, "Emperor of Austria". The new imperial title may have sounded less prestigious than the old one, but Francis' dynasty continued to rule from Austria and a Habsburg monarch was still an emperor ("Kaiser"), and not just merely a king ("König"), in name.
The Last Legion
Orestes, who was partly of Germanic blood, was historically the "magister militum" – the senior officer of the Roman army second to the emperor. He had indeed promised his Germanic foederati a third of Italy to settle in but not to Odoacer personally. Orestes was himself a usurper, having promised the land to foederati to buy their quiescence in his rebellion against the legitimate emperor Julius Nepos. Although Orestes proclaimed his son, Romulus Augustus (derisively called "Augustulus", meaning "little Augustus") Emperor, the proclamation was not recognised as legitimate beyond the parts of the Italian Peninsula controlled by Orestes' troops. The common identification of Augustus as the "last Western Emperor" dates only from the publication of British historian Edward Gibbon's History of the Decline and Fall of the Roman Empire in the late 18th Century.