Cost effective repair

This is a common problem I have seen with some lower price range guitars, especially in soft cases.
This could be made to look like it never happened, that however would be completely unrealistic given how much it would cost vs the price/value of the guitar.
Next best option is what you seen below, you can definitely see it has had an issue, but the guitar is back to being playable and as long as it is looked after should be fine. 
It is often possible to get less of a gap in the join, this one however seems to have gotten a little damp in storage, so the wood may have swelled.