Cracked fiberglass around stringers and edge where the bilge meets the floor

[cbloomer]

Getting further into this boat project and after revealing the bilge under the floor in the stern, I've found a good bit of fiberglass cracked and or chipping in a range of severity levels.
Thankfully the cracking along the stringers themselves is very minimal and from what I can tell, their core is still strong.
Some spots along the floor where I have cut away the bad fiberglass has revealed some wood thats a bit soft. Thankfully it has been sitting dry in a barn for 5 years, so its dried out.
Does anyone have any experience with this? What might be the cause, and when fixing it, is there anything I must take into consideration?
I think I will treat the softer exposed wood, fill what was removed with a thick epoxy paste and and just patch over it all to protect it from further moisture.
Any thoughts?
I hope I'm not in over my head here! it all seems solid over all.
Thanks for the help!

[Nautiquehunter]

If you want to fix it right pull the engine,trans floor and stringers. Replace everything thats rotted. You will find a lot more rot than you think. The foam holds the water and rots the wood.

[SilentSeven]

Another member is repairing his boat; you can follow here

https://www.planetnautique.com/vb5/f...t-ski-nautique