Take a second look at your second photograph. I see clear evidence of ratchet marks around the perimeter of the fracture surface. This suggests some torsional component to the failure.
It's tough to tell what definitely happened after the fracture surface was painted???
There are several spots of undercut visible in the toe lines of the weld at 12 o'clock.
Any one of those undercut defects/discontinuities could have been the point of origin for the fatigue failure that occurred here.
You can reweld this successfully. A previous poster mentioned ER80 solid wire. This is probably sufficient to the task. Given a choice, I'd find some ER90 filler or stick weld it with E9018 low hydrodren rod. Given a choice I'd TIG weld this, but any skilled welder should be able to make this repair with whatever process is available.
Were I doing this, I'd start by grinding, gouging, or machining out the old weld and remove any fatigued metal at the fracture surface. Try not to recess the joint below the surface of the surrounding plate any more than necessary, as this will complicate welding. That is, unless it's practical to remove the entire shaft to repair it.
Prep the new shaft stub by beveling it at ~30° angle, using a double bevel prep. Blunt the tapered end of the joint tip slightly, to facilitate welding a full penetration root pass. I'd pre-heat the joint to ~400°F before commencing welding. Then fill each side of the bevel, alternating sides to minimize distortion. Allow the joint to cool to an interpass temperature of 500°F max between passes. Once welding is complete, Pack the joint in glass fiber insulation to slow cooling.