Media & Plugins Missing in Canvas but visible in timeline

I am working on a feature film (1hr 22 mins) and just completed the project yesterday. I exported the project and closed fcpx afterwards. I went to relaunch fcpx today and now the project hangs forever trying to load and once it finally opens the red screen of death appears on the canvas but all my clips are visible as normal in the timeline and events browser. It appears to be doing a background render of the entire project. Will this fix this issue. I am so confused at what could have possibly happened to cause this. Would appreciate any help on fixing it!

Also, all of my plug ins appear to work fine when i start a new project, so I dont think they r the issue.

Never seen that before.

I'd try the usual troubleshooting:

1- Get "Preference Manager" free from Digital Rebellion (dot com) to trash FCP X preference files easily and safely.

2- Run Disk Utility to "repair" all connected drives.

3- Verify all drives have at least 10-15% of their total capacity left as free space.

4- Move the "Final Cut Pro" app from the Applications folder to the Trash. Open the App Store, go to the Purchases tab, click "Install" for FCP X.

What does the red screen say?

I would try duplicating the project and mess with it. Like delete all the fx etc.