Moved my library to an external hard drive. Now I get this message when trying to import video: Cannot start ingest because there is no storage location set. Please set one under Storage in Preferences and try again.

I recently moved my iMovie Library and all of its contents to an external hard drive. I then erased the library and all of its contents from my iMac HD and created a new library. Now when I try to import video from my DV camera I get this message: Cannot start ingest because there is no storage location set. Please set one under Storage in Preferences and try again. There is no way to set a storage location in Preferences. I have chosen an Event in the middle drop down box. But it still will not import. Any help will be greatly appreciated.