Don't panic. When I bought my boat I started poking around and found this:
I thought I had holes in the side and that the whole chine had been split open and patched! But a little careful sanding and scraping revealed that the problem wasn not that bad at all....
Someone had slapped glass cloth and fairing putty on and made a big mess trying to cover up a few small voids behind the gelcoat which is a fairly common manufacturing defect. Bottom paint was hiding their crappy glass work.
You may have some damage to your strake but I'm guessing that a shoddy repair is making it look worse that it really is. I'd start by slowly and carefully sanding away the bottom paint in the area first. Then try to determine what glass was added as part of the repair and sand that off just until you are back to original glass. Once you do that you can see what is really going on and if you post some pics I'm sure you'll get good advice on how to fix it correctly.
Good Luck!