If this is going to become a similar event as the Mosconi Cup, this will be a heavy blow for US pool.
European pros will get another nice pay day, which will make their life as a pro much easier. Overall competition and standard will rise even more as many players want to qualify for both the Mosconi and the Reyes Cup.
I don't think that's going to be a problem.
America can create a similar event too, say America vs Antarctica so they will have a fair chance, and they can gain experience that way...