How bad is this?

Wow that really sucks. Post a picture of the inside of trunk so we can see if the damaged reached the frame rail.
Any damage to the trunk extension or outer wheelhouse? Either way its fixable.
Frame rail was first thing I checked when I got it back home because I was so paranoid about it. Seems fine. Is the trunk extension the "floor part" on either side of the spare tire well? If so, mine is crunched up pretty good. Outer wheel house has a big gash in it, too.