Check the hamster wheel.
Seriously, I'd check the coil wire, plug wires and the points to see if they got wet. Coil wire first.
At night, open the hood and make sure it's dark..and see if you can see any sparks when you spray water with a fine mist sprayer. that'll spot where the short or arcing and sparking might be.
Also I have no idea for sure on those old VW bugs but perhaps you have a clogged gas filter or some water in the carb....fuel line somewhere?