Brakes loose, cable hanging out I used my brakes the other day and this happened (see photo). Is there any way to fix this?

I’m unable to use the brakes at all with this issue.
The inner cable is very rusty. I would think that the cable friction is so great that the spring of the brake cannot pull back against it. Maybe at the other end of the cable, something has popped out of place, you can inspect the other end and see if this is the case.
Ultimately, the solution is going to be to fit, or to have fitted, new cables and the brakes setting up again to work well. If that cable condition is indicative of the rest of the bike, a good service is due which will make it nicer and safer to ride.