The world cup is arguably the biggest sporting event in the world, and winning it would mean being pride and glory for at the very least four years. How many people remember who won the League Cup four years ago?
So, even though I care a hell of a lot more about Newcastle than England (and England is the country I support, forget about Sweden), I'd probably go for the world cup. Saying that though, Newcastle being relegated hurt ten times more than England being knocked out of the world cup.