The barrel can be replaced. No idea what hoops you have to jump through on your side of the puddle to have it done, but mechanically it's not a big deal if the part can be had. It is also possible to bore out and ream the existing barrel and sleeve it with new rifling and cut in a new forcing cone into it. A good gunsmith can even salvage the front sight and make a replacement barrel from scratch, but that's going to entail a lot more cost, obviously.
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