Has anybody had a similar problem and how do you recover your library?
It has always been very basic to always maintain abackup copy of your computer. Use your backup copy to put everything back.
I know this may sound dumb...but how do I do that?
What's done is done; if it's wiped out now, it's too late to make a backup. But it may not be that bad. Are the actual files missing, if you look for them in Finder? (they would most likely be in an iTunes folder within the Music folder.)
Retrieving data ...