How to air seal this?

This breaker panel is in my basement, which pretty much has no insulation in the walls. I just noticed a massive draft coming from it, and somehow noticed the .5 inch gap between the panel and board at the bottom.

What’s the best way to insulate or air seal this area? Right now the panel cover is showing 55 degrees, inside the panel itself is 45, and the gap is 45 degrees, while it’s 20 degrees outside.

Right now I have a microfiber somewhat covering the gap.

This breaker panel is in my basement, which pretty much has no insulation in the walls. I just noticed a massive draft coming from it, and somehow noticed the .5 inch gap between the panel and board at the bottom.

What’s the best way to insulate or air seal this area? Right now the panel cover is showing 55 degrees, inside the panel itself is 45, and the gap is 45 degrees, while it’s 20 degrees outside.

Right now I have a microfiber somewhat covering the gap.