Have an above ground 21' round pool. Winterized with a pillow and cover and proper chemicals. This the first winter for pool. Installed it myself.

Noticed yesterday water flowing out from underneath, obviously a leak. Level is down about a foot or more. Loostened cover to avoid walls from being pulled in and ruining rail. Cover is loaded with ice snow, no chance to remove it.

What action should I take to minimize damage? See attached photo.

You have already taken care of the worst part, I think, by letting the cover free. In the spring, try to find the leak and repair it, or if the leak is small, which is likely call a leak specialist to come and help find it. They can usually find and fix it for a reasonable charge, and they will always find the leak. I use United Leak Detection at www.united leak.com, and they take care of all of the pools I work on in Indiana!