How big is this area?
From what you're describing, if it was my house, I think I'd get a 4x8 piece of 1/4 inch plywood, cut it to fit, and nail it up. Then I'd use healthy amounts of paint and caulk to seal it up. A lower quality caulk will do a decent job of sealing, but by spring will be starting to lose the fight - making it easier to remove it.
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