What were the Effects of the Age of Discovery?The Age of Exploration was a time of struggle and wealth for many European countries. There was always a race to see who would start the first colony, who would explore the continent, and of course who would make the most money.It goes without saying, the Age of Exploration shaped the Europe and the America of today, and it left everlasting effects. The exchange of goods from the New World and Europe increased Europe’s wealth, but not only was there an exchange of goods, but also an exchange of disease.The first effect of the Age of discovery.