Lathe Runout fix?

Can runout be fixed? I know there are some ways to fix runout based on chuck, but the lathe I'm working on had spindle runout.

for context, it's a ⅔ ton, 36x100 lathe. 3 years old, built in china. It belongs to a school workshop, it is sometimes used for long periods like 8 hours daily for multiple weeks, but also stays untouched for 2-3 months. It has been used by people with less experience too so it has some damage. once it was ran for a sec (with that button i don't jnow what it is called) with the chuck key on, it didn’t hit the bes though it just hit the chuck safety cover and fell of. the impact was strong enough to crack the key hole on the gear, i think that bent the spindle, not sure though.