I have had basically the same ditch bag since 1979, (We carried two EPIRBs in the 1979 Transpacific) The bag is a SeaLand EE5, it goes with me on the dinghy on up to 62 foot motor sailor I took Calif to Europe and back. The life raft had the extra water, concentrated calories, a Kabar Marine corp Knife from WWII in a heavy leather sheath. a second EPRiB (first was at the cabin door inside,) along with the laminated "orders" I posted for any possible emergency. When people came aboard as crew or guests they were asked to familiarize them with these "orders". Along side this was a pouch with a Leatherman tool, a Mini Mag AA batter flashlight and a Swiss army knife with magnifier, saw and sharp blades etc. That I often wore when on watch.
The "Ditch bag is about i2" high and about 15" in circumference weight is about 7 lbs, so easy to carry. The bag is clear plastic with a scrim. it is over 40 years old, no cuts etc, but the roll up seal has been reworked to keep it air tight.
I have small rocket flares, A Leather man or Gerber multi tool, a multiple blade screwdriver, a pair of small vise grips a medium sized Crescent wrench. Inflatable repair kit Now we have an PLB and Standard Horison 890 HX.
There is a alkiline battery tray for the 890 HX and a dozen batteries for it (AAA) Alkaline batteries (rotated regularly). I have a strobe and flashlight with also work on AA batteries. I have a vermilion colored Orange rescue signal. I have at least 3 space blankets and light vinyl ponchos. There is a second Swiss Army knife with magnifier and saw, as well other common blades. I have waterproof matches--container full. A new BIC lighter. I have a hockey puck hand bearing compass (quality item--not the cheapest). A small first aide kit, several 30" on a side dish towels--makes a dressing, sling, wrap etc. Even could be a head cover. Fishing kit--hand line made up lures with fluorocarbon leader, The "fishing kit" also has some SS flexible leader material, which could be used for a snare. As well as a few extra hooks. 100 feet of premium paracord. Some form of water maker/and or life straw.
I also had a loud whistle, and a small canister air horn.
Controversial is my North American Arms .22 Magnum 5 shot Single action revolver 1 1/8" barrel, with 50 solid bullets, and 12 rat/snake shot. (Signal, on the land or sea survival birds, fish, small mammals.). I don't carry the mini revolver in Canada, Mexico and other countries which ban firearms. (A lot of countries)
I had the port captain in Livingston Guatemala ask me to carry openly when out of towns along the Rio Dulce and tributaries to Lake Izabal. (1996 era) His comment was "I know that many of you yachtsman are better armed than our army or marines."
For each member of the crew if going off shore, we have a PLB, a VHF radio, and a strobe light for their life vest--becomes obligatory in rough weather. The life vest will also have a combined double tether, with spinnaker pelican hook at the attachment to the harness.
If I were voyaging now, I probably would fit the personal AIS beacon to the each life jacket. (These are all inflatable life jacket using a pouch for "extra items".