Deactivation cannot be cancelled. Fiscal year & is closed

What causes this issue?

You cannot cancel the deactivation date &V1&. Cancellation is not
possible, since deactivation was performed in a closed fiscal
year.

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?

Error message extract from SAP system. Copyright SAP SE.