I have listened to several replies, also to one that said that the motor can still burn out if it gets too hot inside while you may get the external cool. I have decided on a fan and shrowd, but I am too lazy to make a big project yet, as I would like to evaluate first before I do the mod permanently, and only if it works.
I bought a 115 mm extracter fan tha can deliver 76 cubic meters of air per hour and that can run for a very long time. I have set it up to run permanently, as long as the mill is plugged in and the plug switched on, although the machine may be off.

The mill before anything done.

At the bottom of the motor there are four narrow grooves to circulate the air.

On top is a cover that needs to be removed. The little round holes on top is just for show and only air the bearing.

Below the cover there are 8 vetilation holes, but no fan. I guess the rotation of the armature will circulate some air, but very littllow speed, or almost nothing.

Don't laugh. A plumbing coupling fitting for toilet pipes, with a hole cut to allow for the motor's wiring. This fitting is made of white rubber and is flexible. Added to it is a hose clamp. One side ring on the narrow part (nearest to my hand) is cut away to make space for the hose clamp. The ridge is still visable.

Added to the motor with the hose clamp. The motor's wire can be seen extruding through the cut gap.

Air blowing in from the top will be forced through the motor's vetilation holes. None can get past the motor. The fitting will be a tight fir und the extracter fan. No air can escape and the fit is tight enough to keep the fan in place.

The fan in place. The fact that it is white is not so bad in appearance.

The fan's specs.

The current job. Quite a lot of steel to be removed. This will be a parting tool holder for a QCTP. I am cutting the dovetail here. Firt the innitial removal of lots of steel.
AND:
It works! It works! It works!
It did not get hot tonight. Just comfortable warm to the tough. I guess about 40 degrees of C. The fan is kept running in between stops so that the cooling effect may last. The sound is a very soft hum, like a running PC. The air is blown from the top downwards and can observed if you keep your hand close to the motor. Currently I am not interested in colouring it black. White is fine. Now I am not worried anymore.
Thanks for all the advice and encouragement.
Johan