0. Airliners have fire bottles filled with Halon to extinguish flames, but they're ineffective if the cowling separates from the engine. That's assuming this uncontained failure didn't damage the bottle or wiring to it.

1. Kudos, that's exactly the way to do it. If it was a screw on top of the wing though, it was likely communicated later as one screw coming off a panel isn't a big deal.