I think K.C.'s suggestion is potentially overkill. If you grind away damaged laminate, I should think you could re-build the damaged area in place - by using the mast as part of the mold, as suggested by ctenidae. Wrapping that section of the mast in a stiff, thin sheet of plastic would be essential - as would be supporting the area around the mast from below - perhaps with a bit of wax-paper covered plywood.
On my boat, the PO installed an aluminum disk over the collar, held by bolts, backed by two plywood plates below the opening.


Attached to that is a hinge to which he attached a guiding tube. The neat thing with that is that you insert the mast while lying flat, then it holds the mast foot near the collar as you tilt it up, and finally, it acts like a guiding tube, positioning the mast as you slide it down. (It has some give, so the positioning isn't perfect, but in return it's forgiving of slight misalignment when the mast is raised.)
This points to another suggestion how to reinforce the opening. You could cut an oval, metal ring (3/16 or even 1/4" aluminum) and bolt that through the collar into a backing plate of some form (plywood, for example). That would more securely hold your mast, and add strength the the general area.
You may then not have to rebuild the laminate in place, other than cosmetic repairs, because the strength would come from other elements. A backing plate, epoxied underneath the deck (and encased in a bit of glass) would stiffen the deck around the mast partners and transfer any loads widely. An oval ring (or as in my case, a disk with an oval opening) bolted to the opening would take up point-loads quite well and prevent further cracking.
Just ideas.