I had this problem too, seemed like the only quick reasonable cure after reading this thread was to upgrade iMovie to the latest version. I was running iMovie 9 for years, then just did the El Cap upgrade and my images went blank. After upgrading iMovie to the latest version (10.1.2) this problem has gone away and its working again. It's a different version of iMovie I feel, some changes I like and some I do not.
One thing I noticed right away is you can no longer do a custom EQ in the audio section. You have to pick from their Equalizer presets and it doesn't appear you can modify any of them. Most people will be okay with this but it might bother some who liked to tweak their own audio EQ with the little bar sliders. On a positive note it appears the interface is a little more user-friendly, but perhaps with some loss of features. Rendering video (Share/Export) seems to be a little more idiot-friendly with less dialing in the export settings, again some may like this and some may not. I'll have to use it more to see what else is gone/added but for now I'm glad to have my images back without having to do anything else, a small price to pay perhaps for just having the upgrade fix the blank images and not needing to do too much tech tweaking. Thankfully it appears the latest iMovie is largely unchanged, I was especially glad to see my iLife audio effect files and jingles still available in the new version as that was one of the main reasons I chose iMovie in the first place, for professional background sounds.