Thanks for the suggestions which I will use.
In this case it is a reasonable job to remove the bow rail, re-drill, remove water damaged core, dry out, inject epoxy, re-wire, re-seal, new bolts etc. I wanted to be sure that it doesn’t leak again. My current setup fails on two counts : no hole to let he water out at the bottom and no loop at the top (see below).
I have had quite a bit of success with Butyl and might order the fancy stuff from the states for this job.
As an aside, I found that a big blob of Butyl covered by an old cut up credit card makes an excellent temporary water proof deck patch. Providing all the surfaces were cleaned with acetone, it even holds up to the foot traffic of clumsy crew.