Urgent HELP needed!!! iTunes just 'lost' everthing?!?!?

This morning iTunes was fine. This evening I've opened it & it is like it's a clean install. No library whatsoever.
My iTunes library is on my TimeCapsule, has been for years with no major problems.

The library is still there & I've redirected iTunes to it but it won't see the library.

What on earth has happened?

It's also showing cloud icons again which I thought I'd turned off. Like I said it is like a clean install or it has lost it plist & rewitten a new one???
Help please!