Quantitative algebras are Σ-algebras acting on metric spaces, where operations are nonexpanding. We prove that for finitary signatures Σ there is a bijective correspondence between varieties of quantitative algebras and strongly finitary monads on the category Met of metric spaces.For uncountable cardinals λ there is an analogous bijection between varieties of λ-ary quantitative algebras and strongly λ-accessible monads. Moreover, we present a bijective correspondence between λ-varieties of Σ-algebras as introduced by Mardare, Panangaden and Plotkin and enriched, surjections-preserving λ-accesible monads on Met. Finally, a bijective correspondence between generalized λ-ary varieties and enriched λ-accessible monads on Met in general is presented. J. Adámek and M. Dostál acknowledge the support by the Grant Agency of the Czech Republic under the grant 22-02964S.