Millions of people have been partying all night long in Spain after their national football team defeated Italy at the Euro 2012 final.

The capital Madrid saw a huge improvised procession with torches, fireworks, national flags, dancing and shouting.

La Roja's 4-0 victory in Kiev made them the first team to win three successive major international tournaments.

Spanish media are also jubilant about the historic victory and do not spare any praise for the players and the coach with headlines such as "They Rewrote History and Became Legends."

"Thank You, Thank You, Thank You," the largest Spanish sports daily Marca writes. The Monday issue boasts a large picture of the triumphant team with the European trophy.

"Football is opium for people in these difficult times. A handful of sportsmen with champion genes, led by a coach with firm convictions, showed us in Kiev that Spain can set an example," the publication writes.

Indeed, Spaniards are quoted saying that the football glory has diverted their attention and they currently don't care much about the crisis and the expected price hikes.

The celebration continues Monday with King Juan Carlos giving a reception in honor of the team, after which the players will tour Madrid on a platform, and the evening will begin with a huge fiesta.

Spain were at their dazzling best Sunday evening. Goals from David Silva, Jordi Alba, Fernando Torres - who became the first player to score in two Euros finals - and Juan Mata not only secured their win against the Italians, but registered the biggest winning margin in a Euros final. They also retained the crown they first won in Vienna four years ago.

La Roja have further claimed their first World title in South Africa and are considered now the best team in history.

While Spaniards could not fall asleep from joy, the Italian football fans have quietly gone to bed in an attempt to forget the loss, they see as humiliating.