That bubbling and musty smell is due to mold and mildew. I would put some bleach in a spray bottle and squirt it up under the veneer. If you can remove some of the veneer, that would be better. Mold and mildew are very hard to get rid of. You don't necessarily have to see the mold and mildew on top of the veneer, it can be underneath. I would trim that bubbled part of the veneer away. If you don't get rid of all of it, you can transport it into the house and you do not want to ruin any of your equipment or stash or other clothes. After it has been successfully removed then dry it well with a fan or small space heater. I have seen what has happened to wood that has been in contact with mold and mildew!