Balsa Core
If this is a cored deck, which you state it is, you are going to have more to do than a glass repair. As usual Main Sail is correct, and you have the results of a poorly done previous repair. If this were my boat and I wanted it done the right way, I would cut it back, get all the bad core material out of there. Go back at least a couple of inches, or until you get to good solid, dry core material. Then build up the area with glass, making it solid glass. Places like this, with drilled holes and stress, will always be subject to water penetration, and the only way to eliminate the problem is to have solid glass under it.If you make the area solid with no core, there is nothing to rot or delaminate, should a few drops of water find its way in. Just repairing the cracks will be a temporary fix, and sooner or later you will be in exactly the same place you are now.