This can take times ! - I mean several Hours ! !
Last time I did this it took > 20 Hours (INTEL i7 4x4 processors - 2.2GHz)
AND - remember to connect Your MacBook (or laptop) to Mains-adaptor - as battery might run out !
Still - there is no alternative route to this (repair of iPhoto Library) suggested by Karsten !
Yours Bengt W