My external hard drive holding half my iMovie events and projects has crashed: how do I restore the events from another source?

My external hard drive holding half my iMovie events and projects has become corrupted.  I have now downloaded all the same files (from a backup in the cloud) to another hard drive - but iMovie is not "seeing" those events or movies in that external hard drive.  Q1 Is there a way of rectifying that?  (I.e. telling iMovie to point to the relevant folders or files on the new external hard drive)
Q2 I have a TimeMachine backup of the corrupted drive in another drive which i keep elsewhere.  Is it worth me attempting to restore from that backup? And if so where can I restore to (as the original external drive is corrupted) and how do i go about that restore process so that the events and projects re-appear?
thanks in advance for your help.  (I thought i would check re Q2 before embarking on the wrong method!)

When I right click on an image, then went to Go to Folder in Library, it pulls up the new external hard drive where I made the new link. When I try to work on the photos, the image still says file image is offline or missing. When I right click on the image to Show in Finder, it says the image could not be used because the original file could not be found. I eventually did click on their locate and found the image. When I linked those two together, a few minutes later ALL the "?" went missing and now IT WORKS!!!!
That was weird!
Hope this helps someone else in my predicament.

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