The file "iTunes Library.itl" cannot be read because it was created with a newer version of iTunes
got this msg, i just deleted all the folders and programs and was prompted to download newest version of itunes. hope this helps
The ideal approach is covered in Empty/corrupt iTunes library after upgrade/crash - Apple Community, in particular in the section of bullet points. This would preserve playlists, play counts, ratings, date added, etc. which starting over doesn't do.
tt2