...The flotation foam is intact, except for the "glue" foam on the top of the hull on the starboard side (right next to my inspection port at the coming). The glue foam has broken loose completely there. Thankfully that area is easily accessible from the inspection port. I will remove the pieces and spray some expanding foam to replace it. The block is still securely intact from the glue on the bottom side of the block.
Not a problem anyway. Leaks of water into the hull would most likely affect the foam that is nearest the holes. If you dry a saltwater boat, remaining salt can act to keep the interior moist, so don't expect full dryness all the time."Bad news: it's coming out of holes in the hull! No problem..."
I'd use as little spray foam as possible, just tack it down in a few areas. You might consider chiseling out a small straw size channel for it to flow between the block and the deck/hull. Keep in mind that Great Stuff is water "resitant," not "closed cell" and it will soak up water if left immersed, so the boat needs to be dried out after each sail. If you want a closed cell, marine grade foam like the manufacture used, check out Fibreglast, that's what I use for repairs. Great stuff will have you going this afternoon though
You can carve away 2/3 of that other foam blob while you are in there, it is excess and is probably holding water. Throw a couple of squirts of foam on that side as well. If you squish the pieces you remove then you may see water ooze out.
While you have air blowing through the hull check for air leaks at the rudder gudgeon, bailer through hull hole, daggerboard trunk and mast step, common areas for leaks. At one point you want to soap test the deck/hull seam, see if any air bubbles out around the trim. I've found many a split hiding under that trim, especially at the bow and on either side of the cockpit. There is no need to take the trim off to check for leaks, you'll see the bubbles.
Keep in mind that TOO much air being blown into a hull can actually inflate it and pop seams, or separate the blocks from the hull. Most important for all of us, electricity and water are a dangerous combo in boatyards!