O.K. Give the Backups folder a retry and see if it makes any difference.
It appears that you iMovie library may have gotten corrupted. The good news is that the projects and media are intact in the Show Package Contents of the library.
So, if still no luck, create a new blank library (with nothing in it). Then open the package contents of your old library. Select and Edit/Copy the following four files:
--Sync--
CurrentVersion.plist
Settings.plist
Current Version...Flexolibrary
Then open the package contents of the new library and Edit/Paste the above files into it. You will get a notification asking whether you want to replace the existing files. Click yes. Then go back to your old library, open the package contents, select the "null" projects by name and copy and paste the "null" projects into the package contents of the new library. Close the new library and reopen iMovie in the new library. Now see if you can open the projects in the new library.
Other than copying per the above, be careful not to move, rename, change, or modify anything in the old library's package contents, or you risk corrupting that library even further.
If the above procedures do not activate the projects then, unfortunately, I think that the projects have been irretrievably corrupted and you will need to start over -- unless you have a Time Machine backup from where you can restore your iMovie library to a point in time just before your project became corrupted.
-- Rich