Hello jazzdivamom,
Welcome to Apple Support Communities. We're glad you're here, and it will be our pleasure to assist you.
We understand from your post that you're trying to import a video into iMovie which was stored in iCloud , and there has been a delay during the download process.
Why you may see this message:
If you select the option to Optimize [device] Storage when you store your videos and photos on iCloud, then "smaller, space-saving photos and videos are kept on your device while all of your original, full-resolution versions are stored in iCloud," as explained in this link about how to Manage your photo and video storage under the caption "Store your photos and videos in iCloud."
How to proceed:
- Videos stored in iCloud may take a short while to download the original, full-resolution version.
- Follow this link to learn how to Download iCloud photos and videos.
- Connect to a reliable Wi-Fi network while downloading to shorten the time to complete the download process.
- Scroll down to "If you need help downloading your photos or videos" for additional tips.
We trust these steps explain why you've seen that message, and how best to navigate to your end goal. Feel free to reach out if you have any questions.
Kind regards!