If your warranty expired and you selected to NOT buy AppleCare then the repair would be at your expense. AFAIK Apple does not have a repair program for M1 based 25" iMac displays. The last cost I heard of was in the $600 range, as we have no idea where you are located your should contact your local Apple Store or Apple Authorized Service Provider to find out more detailed information.
Also, you may already know this but these forums are for end users (I am an end user just like you) Apple is our host however they do not read or participate in the user to user forums. If you want to speak directly to Apple, please call AppleCare. Just click the following link and you input your country and the phone number for that area will appear: AppleCare Contact Info.
Best of luck.