Exposed Electrical Wiring Outside
Exposed electrical wires anywhere outside of a
house or inside where the wiring is visible is not a good idea and in
most cases will create building code violations.
You could cover the wiring up creating a box around the wiring which in turn would hide the wiring, solving one problem, this of course would create another problem if someone ever drove a nail through the fascia board into the ceiling rafter. The nail or screw in turn could hit one of the electrical wires causing a short.
Either way you look at it these wires are in a bad spot and should be removed and reran in conduit.
Another reason for covering up electrical wiring especially in a situation like this could be the possibility of someone grabbing the wires and damaging them with the possibility of getting electrocuted themselves.