What computer operating system is your Premiere Elements 10 running on?
I have not encounter your specific error message, but it is mentioned online.
I offer the above for informational purposes only. I have not tried either since I do not have the error that you describe.
Have you read those articles and have either worked for you?
They seem to suggest that the core of the matter goes to the use of , in the decimal place setting.
Some routine questions...
If you start a new project, does the issue disappear?
Please review and consider and then let us know the outcome.