You may try a piece of 50 lb. monofilament fishing line or a couple of tie-wraps strung together...lots of ways to fix it besides just buying a new one. Just depends on how creative you want to be. I have lots of older equipment and machinery and have to fix things myself. Good Luck!
Can be replaced as far as I know. Might be worth changing from nylon line that can be a pain to get down the hole to stainless chain that will drop back in easily.