BSP application &1 for enhanced objects does not exist or is not active

What causes this issue?

The Component Enhancement Concept uses a customer BSP application as a
storage for enhanced elements like runtime repository, derived views or
controllers.
BSP application &V1& for component &V2& and enhancement set &V3& does
not exist or is not active.

System Response

The component cannot be loaded with enhancement set

How to fix this error?

Please check entries in a view cluster BSPWDVC_CMP_EXT and an existence
of BSP application for enhanced objects.

Procedure for System Administrators

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

Error message extract from SAP system. Copyright SAP SE.