Under closer inspection , ( bigger computer screen ) , it may not be so bad.
It looks like somebody re gripped that whole dodgy area or covered it with something. The neatness of the front curve suggests its maybee glue remnants or something like that.
We need to establish the soft damaged area.
Leave the board on the ground and take off your shoes.
Stand on top of the board and walk over the whole area , ( and more ) , pushing down on your heel with all your weight. You will feel where its soft . I would think , ( hope ) , its only around the hole . Check extra carefully around the mast slot.
If its solid , ( apart from around the hole ) , the board is solid and its an easy fix

One more thing , directly opposite the hole there is a little brown fleck is that solid ?