Capping a galvanized pipe

We had a huge flood in our backyard, which we traced to a break in a very old galvanized pipe of 1 1/4 diameter that broke under the patio. We temporarily capped it with a black rubber cap held in placed with a steel strap. It is terribly corroded. Is there a better, more permanent way to cap it, taking into account the age and poor condition of the pipe?

Thanks!

You might use a Fernco coupler with a capped pipe nipple on one end, but it may not be much better than what you have. The real solution is to find where that pipe originates and deal with it there. All any cap on the exposed end it doing is buying you some time before the pipe starts leaking somewhere else.