Solved: I have managed to recover my entire locally stored emails by doing the following:
Do a re-install from Time Machine backup. Export all email locally stored email folders (I had 46) individually to a new folder. It’s a bit fiddly as, to keep the correct structure, you have to export the top level folder, which creates an Mbox folder which only contains emails directly in that top level folder, then you have to export any sub level folders individually, which will create another Mbox folder of the same name, and then you have to move each created sub level folder into the top level Mbox folder, and delete the empty folder of the same name. You have to do this for each sub level you go down to if you want to maintain the correct folder structure. Then copy the complete new Mbox folder containing your structured emails to whatever new MacBook you have, and import them in Mail.
It took me 4 hours, but if you need important emails, it’s the only way I could work out. Importing your entire old ~Library/Mail folder simply doesn’t work.
Why Apple have not made it easier to export Mbox folders I can’t say.