We can split the key consequences of Drake's voyage into the 3 Ms:

Maps - the information he brought back that would help future explorers / colonists. See 'For Exploration' below.
Money - the £400,000 of treasure he brought back (£500 million in today's money). See 'For Drake' and 'For Elizabeth' below.
Myth - the reputation of Drake (and also Elizabeth I and Philip II)

	Impact
For Drake	Huge wealth - he kept £10,000 of the treasure (over £10m today). This enabled him to buy Buckland Abbey. Status - Elizabeth knighted him in 1581 and gave him a new coat of arms with the motto sic parvis magna (Great things from small beginnings). He also became Mayor of Plymouth and a Member of Parliament. However, Drake still suffered from snobbery due to his Yeoman origins. For example, Lord Sussex and the Earl of Arundel belittled him and accused him of boasting about his voyage. William Cecil refused the gift of 10 gold bars saying that they were stolen.
For Elizabeth	Huge wealth - her share (£200,000) was the same as her average annual income, worth about £250 million today. This enabled her to pay off her debts.
For England	Boosted morale. Made war with Spain more likely as Philip was furious. Philip II defended his colonies in South America after Drake's voyage which meant that England focused on setting up colonies in North America. In the long-term, the voyage contributed to England's naval supremacy which led to the rise of the slave trade and the success of the British Empire.
For Spain	Loss of treasure (although Spain recovered from this). Philip II was forced to send more men and ships to defend his South American colonies. He was more determined to defeat Elizabeth.
For Exploration	Drake brought back detailed rutters, charts, drawings and corrected maps, massively increasing knowledge of the Americas in Europe. For example, he found a route between South America and Antarctica which became known as Drake's Passage, he made more accurate drawings of the Magellan Straits and he detailed the coastline of Chile. However, these charts, maps and drawings were kept secret for many years so had no short-term impact.

GCSE Elizabethan England 1568-1603 AQA

Significance & Impact of Drake's Circumnavigation