In Europe, both are equally important. However, Italian is more important in Italy, San Marino and parts of Switzerland, whilst Spanish is more important in Spain, Gibraltar and possibly Andorra (though the official language in Andorra is Catalan).
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If you speak English, Spanish will be definitively easier than Italian for you because there are more similarities. For example, Spanish and English make plurals almost the same way, adding es or s at the end of the word, Italian doesn't.
Americans must have an entrance visa which should be obtained at an Italian consulate before coming to Italy, in order to remain in Italy more than three months and gain resident status. This procedure will take several weeks to complete so it is advisable to apply well in advance of the departure date.