Yep...This will need to come out to be properly checked over and repaired as needed. That crusty looking bit of terminal strip is currently in series with the main ignition switched feed to...well...everything.
...In a car with a total of four fuses - and two of those incorporated in the charging and starting system. Oh...and made of plastic which by all accounts is quite fond of catching fire.
Yeah...Some careful wiring repairs and some additional fuses will definitely be getting added.