Which sinking are you referring to? You have the 1715 loss of the silver fleet due to storm of the coast of Florida, the 1702 loss in port of most of the treasure fleet (which was already partly offloaded) during the War of Spanish Succession, plus a multitude of individual ships sinking over the course of a few hundred years. Since the time period is quite wide, naturally the economic impact of each individual case is different.

That said, the case that could be argued to have impacted Europe the most was not in fact a sinking, but the capture of the 1628 silver fleet off the coast of Cuba by the Dutch privateer Piet Heyn, who captured 16 of the 21 ships in the fleet. Of the most important items to make its way back to the Dutch Republic was around 177,000 pounds of silver (i.e. about 75 US tonnes), 66 pounds of gold, a few hundred chests of sugar, thousands of animal skins and a few thousand bags of indigo.

Due to Piet Heyn being in a privateer, the funds were distributed to the WIC (West-Indian Company, at this stage by and large nothing more than a pirating company operating in the New World, founded by the merchant houses in the republic's major cities) who paid out a 50% dividend for stakeholders (calculated at 7 million guilders) and 17 months of bonus pay for all crew involved. More importantly though is that these funds paid for 8 months of the Dutch Republic's army maintenance (for around 75,000 men) against the Spanish, while simultaneously depriving the Spanish forces in the Holy Roman Empire of much of their pay for that year. In the context of both the 80 years war and the 30 years war, this small skirmish off the coast of Cuba had a particularly large effect.