The America's Cup will generate €6 billion and 61,300 jobs for Spain over the next eight years, according to a report released Monday.

A document called "The economic impact of the America's Cup" analyzed the benefits of the sailing event between 2007 and 2015 on host city Valencia and the rest of Spain.

After spending more than €2 billion on infrastructure — including the building of the Port America's Cup, which is expected to host 1 million visitors over the event's three months — the province of Valencia is expected to gain €3.7 billion and generate more than 40,770 jobs, mostly within the service and industry sectors.

Spain is also expected to welcome an additional 300,000 tourists in the years following the event.

"We will benefit immediately and also the day after when the local investment is realized," Industry minister Jordi Sevilla said.

The central government will account for €692 million of the costs, with the province responsible for the repayment of the remaining €1.3 billion debt.