A reply to an old problem, but I couldn't find this solution anywhere. I had the same problem when I moved my iTunes library to an external drive. As Apple recommends, I used File > Library > Organize Library > Consolidate Files to copy my music files from my overstuffed hard drive to the external drive. Copying went fine for a while, adding about two-thirds of my files to the new drive without incident. Then I got the big stop sign with the error message: "Copying files failed. The disk could not be read from or written to."
This turned out to have nothing to do with either the hard drive or the external disk. I had a bad file in my music library that was shutting down the consolidation process. Unfortunately the error message says nothing about which file may be the culprit. All I could think to do was to go back to my original library in iTunes and sort by Artist, select all cuts with artists beginning with A, right click and select "Consolidate Files". Then do the same with B artists, etc. Proceeding this way, files resumed copying but when I got to the "S" selections, the consolidate process failed again. Then I selected smaller and smaller batches until the problem file was identified. Removed it from my library and then Consolidate worked fine through the rest of the library. Problem solved.
I spent several days working through this; hope I can save someone else the time.