Grease hole?

[Tiroler]

Can i close this little hole? I always remove the flexshaft for lubrication so i dont need it for this.
Has it another sense then lubrication?
I think there is much more grease coming out than i ever can put inside!
CIMG5292.jpg

[Stephavee]

That hole lets water in and acks like a water bearing. also pump grease in it till it comes out each end.