Just to stop some of the chips/ cuttings getting into the motorWhy the cover? The fewer restrictions, twists and turns in the airpath the better the motor fan will cope. Those motor fans are very poor at overcoming resistance on the inlet.
That said, a lathe in hobby use will be unlikely to pose a problem with no ventilation - unless you plant to use it hard for some duration
the motor is well sealed
Aluminium vent cover, cheap as anything from screwfixThat'll do, my 280 has the same style vent as OEM.