Report profile &1 does not allow layout &2

What causes this issue?

Layout &V2& is not available for report profile &V1&. The layout you
selected was created for a different report profile.

System Response

The report cannot be started with these values.

How to fix this error?

Use the input help to find suitable layouts for the report profile. Or
delete the entry in the 'Layout' field.

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.