If you're an avid fisherman, there's a good chance you've dropped your reel in the water at least once. It can be a frustrating and costly mistake, but there are some things you can do to minimize the damage.
First, try to fish the reel out as quickly as possible. The longer it's in the water, the more corrosion will occur. If possible, open up the reel and remove any parts that can be easily removed (such as the spool or handle). This will allow them to dry out more quickly and prevent further rusting.
Once you have the reel out of the water, give it a thorough rinse with fresh water. This will help remove any salt or debris that could cause further damage. Then, dry off all of the parts with a cloth or paper towel.
If there is visible corrosion on any of the metal parts, you can try scrubbing it off with a soft-bristled brush and some vinegar or lemon juice. Rinse well afterwards and dry completely.
Once everything is clean and dry, reassemble your reel and check for any damage that may have occurred. If everything seems to be in working order, then you're lucky! But if there are issues with your reel after dropping it in water, then it's time to take it to a professional for repairs.