I do not know the exact construction condition now, but to me it looks like this is a double-layer wall. Therefore, I think that a separate foundation was made for the cladding, which now shows this weakening. That would make sense as it would represent a decoupling of the thermal insulation from the wall and floor slab of the house.
If my assumption is correct, then underpinning and pre-concreting would indeed work. We did something similar during the renovation of a very old house that had a 50cm sandstone wall. We excavated about 2 meters and underpinned it with concrete and steel. At that time, surveyors, monument conservators, and structural engineers were involved and all approved it as okay. Meaning if it worked for us, why not here. The prerequisite is, of course, that it really is only the foundation of the outer leaf and not the actual floor slab.
But you could see that by the execution at the bottom.
This is another good example of why you should visit your construction site daily and take pictures with a digital camera until the doctor comes. It costs nothing and makes the analysis of such an incident much easier.
Regardless, a surveyor and possibly a structural engineer must absolutely come here and take a look.