Gosh, you must be really stressed. But I have had dry skin and itched before because of it and it doesn't take much to get an area raw from our own scratching. Hurts once it happens though! Personally, I'd try to get it to scab. So, that means to let it air out. Remember that staph and strep can be issues with skin and you don't want an infection. So, clean it and let it go to see if you can get scabs to form so it will heal and go away.
What's going on with the stress? This is a subconscious thing you do to itch? It might be wise to work on this stress. Do you think you have anxiety disorder or is this very occasional for you?