The same thing happened to me. Mine wasn't as loose as yours. I ended up with more than a slip fit though. My cush drive was still good. I was able to reassemble the bearing into the rim using Loctite 638 high strength retaining compound made for retaining bearings, gears, bushings etc to shafts. It will take up quite a bit of slop but you have to let it set for a few days for maximum strength. Several thousand kilos on the rim to date with no problem. When I noticed the issue, there was a whining sound from the rear end when I cornered that disappeared on the straight. Since the fix, no more whine... fingers crossed.
If it happens again, I'm going to a machine shop and have them bore the rim out and insert a steal sleeve for the bearing. All they need is the outer bearing size. I've done it on earlier front wheel hubs in the automotive world when a hub wasn't available.