Hi,
The project is still in the system until you empty the trash, or possibly it will disappear if you quit and relaunch iMovie. So don't quit and relaunch. So, if the project is still in the trash, you might be able to simply drag the project folder out of the trash and put it back in the Show Contents folder (that displays when you control-click on the library's icon and select Show Package Contents from the drop down menu).
If that doesn't work, try retrieving the project from a previous backup of the library in the iMovie Backups folder. To get to the iMovie Backups folder, follow this file path from the Finder menu:
Go/Home/Library/Containers/com.apple.iMovieApp/Data/Library/Caches/iMovieBackups
NOTE: If running Ventura, in the above file path substitute iMovie for com.apple.iMovieApp. So, for Ventura,
the file path would read:
Go/Home/Library/Containers/iMovie/Data/Library/Caches/iMovieBackups
When you get there you will see a list of previous backups of your iMovie library. Click on one dated just before
your issue started. iMovie will open in that library. Navigate to your projects browser (where your projects are displayed as icons) and see if you can retrieve your project from there. If it's there, you can simply transfer the project to your other library by moving your cursor over the project's icon in the project browser view (where your projects are displayed as icons) and then clicking on the little circle with dots in it next to the project's name, and choosing "Copy to Library ...". Borh libraries need to be open and displayed by name in the iMovie project side bar.
-- Rich