
riesig
huge
Exceptionally large in dimensions, extent, or amount.
Das Unternehmen hat einen riesigen Gewinn gemacht.
The company made a huge profit.
huge
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huge
Exceptionally large in dimensions, extent, or amount.
Das Unternehmen hat einen riesigen Gewinn gemacht.
The company made a huge profit.

hugely
Used colloquially as an intensifier meaning 'very', 'enormously', or 'great'.
Ich freue mich riesig, dich wiederzusehen!
I'm hugely excited to see you again!
The adjective 'riesig' (huge) is derived from the noun 'der Riese' (a giant, a very large person in fairy tales). So it literally means 'like a giant' or 'gigantic'.
Vor dem Schloss stand eine riesige Eiche.
A huge oak tree stood in front of the castle.
In its literal meaning, 'riesig' (huge) is often combined with abstract or concrete nouns to emphasize their large extent. Common examples are: 'ein riesiger Erfolg' (a huge success), 'ein riesiges Problem' (a huge problem), 'eine riesige Menge' (a huge amount), or 'ein riesiger Unterschied' (a huge difference).
Der finanzielle Schaden durch den Sturm war riesig.
The financial damage caused by the storm was huge.
In colloquial speech, 'riesig' (huge/hugely) is often used like an adverb to intensify feelings or impressions. It then simply means 'very' or 'enormously'.
Wir hatten im Urlaub riesig Spaß.
We had huge fun on vacation.
very
Sehr and riesig can express a high degree of intensity. Sehr can generally be used as an intensifier, whereas riesig is colloquial in this function and sounds natural only with certain expressions. With Freude (joy), both are possible, but riesig sounds more vivid.

Ich habe mich riesig über deinen Besuch gefreut.
I was hugely happy about your visit.
Ich habe mich sehr über deinen Besuch gefreut.
I was very happy about your visit.