yeah assuming it's not a welsh plug, it will be engine out and new block required to fix it.
however, depending on what you choose to do at the same time, it doesn't have to be that expensive. A second hand block, reuse existing pistons if they are already oversize ($0) or new pistons if not ($1k) plus basic machining, rings and bearings. You can do all that for under $1k + pistons if needed.