While normally a bark tear like this should be pruned off, it looks from the photo like that would remove a significant portion of the young tree. Injuries to the trunk can seal-over in time, if the tree remains healthy and vigorous, but unfortunately there is no intervention that can speed-up the process or guarantee that wood decay doesn't set in first. Do not paint/coat the wound with any type of tar or sealant; even though they are still sold for that purpose, they are not recommended by arborists and might actually worsen the tree's prognosis. For now, just monitor the tree for usual stress-reduction care (watering during dry spells, for example, and pruning off any future storm damage that might have snapped a branch without shearing it off). If dieback starts to occur above this point, prune all of that wood off down to the nearest branch and recovery, while perhaps slow, should help to eventually regrow upper branches.

Miri