Chosen Solution

Is it normal for the shield to be green? or is this corrosion?

https://d3nevzfk7ii3be.cloudfront.net/ig

It doesn’t look like corrosion to me, more likely it’s some kind of glue or something.. Either way it’s not looking too healthy in that state, is it still working? If you have a multimeter there you could give it a test.

It sure looks like cupric chloride corrosion to me. http://home.exetel.com.au/adam.seychell/

Go ahead and cover it with heatshrink, do not “say bye to $80”. I saw a similar case of “green shield wire”, it was caused by plasticiser oozed from insulation. Do not worry about it, likely it is not a risk, unless you can feel the wire getting warm (which indicates reduced conductance). One might wipe the green area in a paper towel, to remove some of that yucky plasticiser, before re-insulating it.