The 'engine' isn't broken, but at least two of the valves will be bent. Depending on how much you like the T5, it will probably cost close to $800-$1,000 to replace/fix the head. There is an outfit in Florida that refurbishes cylinder heads with new valves, seats, guides, etc - worth looking up.
Also a good time to replace the oil separator and associated hoses. Along with Tbelt, Sbelt, rollers, water pump, tensioner, etc.
If you have a shop do it, expect labor charges in the 8 hour range.
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My back feels better when I sit in a Volvo seat
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