There's a tremendous amount of work to do on that bike to get it back on the road, and it might be only worth it if you have strong sentimental attachment to it. Otherwise, you will need a good bit of mechanical and possibly, welding skills to get it back to full working ocndition. First thing you need to determine is, if htere is sitll enough sound metal on the frame tubes to make it safe to ride. That's where a person like a frame builder can give you the best assesment, but maybe someone like an old bike mechanic with lots of experience can give you a good enough assesment. You then have to attend to the most obvious damage on the frame like the tristed hole at the chainstay bridge section, which could be a bit tricky to fix as it looks like they bent a tube to a "u" to form the bride and welded it on short sections of chainstay tubes coming from the bottom bracked. You might have to have good welding and tube bending experience to deal with that area. Then comes the need for old parts which might not be available anymore, Eespecially if threading and diameters and even wheel/rim sizes might be proprietary to the bike in the time it was built and is now obsolete
No, it won't be impossible to bring this bike back to life, but it will be a lot of work and commitment in your part physically, financially and yes, mentally as it can get very frustrating if you get stuck somewhere in the restoration process and the solutions does not seem to come.....but if you are up to the challenge, it will certainly be very very rewarding once you finish the restoration.
Good luck if you decide to take the challenge.....but don't throw away the frame if you don't as I think the frame can be hung up as nice antique cycling wall art or at the least you can save the head badge as it can be very much apprciated by bicycle headbage collectors.

Chombi