No valid storage buckets profile exists

What causes this issue?

No valid storage buckets profile exists. The storage buckets profile
must also exist in LiveCache.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Before creating a planning area you have to create a storage buckets
profile.
Check that the storage buckets profile that has been assigned still
exists, it may have been deleted. If it exists, it probably no longer
exists in LiveCache. To correct this you must deinitialize the version
in which this error occurs and then reinitialize it.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.