With the Canaries having soared back into the top flight of English football following a thrilling win at Wembley it is not just Norwich City supporters who will be chirpy.

That is because promotion back to the Premier League, and its staggering riches, also provides a massive shot in the arm for the local economy in Norwich and Norfolk and helps give businesses in the area a big boost.

Experts estimate that promotion to the top flight is worth anything up to £150m, with the city and its football club being beamed around the world to a global TV audience who are avid followers of the English game.

Chris Starkie, managing director of the New Anglia Local Enterprise Partnership said Monday's 2-0 win over Middlesbrough in the Championship play-off final was a very big deal for the whole area.

He said: 'The profile of having a football club in the Premier League is fantastic because the Premier League is seen by millions of people all across the world and for Norwich to be promoted is a fantastic showcase for the area.'

Mr Starkie said getting into the top flight equated to at least £120m in terms of things such as TV money over the course of the season or parachute payments should the team be relegated – but could yet be worth even more, depending on how long City remained in the Premier League.

He said: 'The harder one to predict is what the kind of brand image is and that's a kind of more long term thing generated by people being more aware of the city and taking the city seriously as a business location. Its much harder to put a figure on that, but it's worth millions as well.'

Last month, following AFC Bournemouth's promotion from the Championship, business experts attempted to quantify the riches newly promoted Premier League Clubs could expect to receive.

Trevor Birch, of business advisory experts BDO, said: 'The reach of the Premier League is extraordinary. It's now in more than 200 countries and reaches four billion people so Bournemouth, in that respect, is going to be catapulted into the world's view.' He added: 'They will then also have an enhanced value in terms of sponsorship because you are being broadcast across the world. They will have slight uplift on the stadium revenues but it won't be significant compared to the TV revenues.'

Rob Wilson, a football finance expert at Sheffield Hallam University, said that 'an estimate for a newly-promoted club is £120m'.

That comes from around '£100m from television and media' as well as 'another £20m from commercial revenue' in the form of advertising in the last season before the new £5.1bn Premier League TV deal comes into effect.