Subversion: Unable to open an ra local session to URL (repos was moved)

Problem

Accessing svn gives error:

svn: Unable to open an ra_local session to URL
svn: Unable to open repository 'file:///home/freddy/proj/arcol/repos/trunk'

The repository arcol had been moved to arccol. The working directory is now unable to access the local repository.

Re-checkout the repository and overwrite this new working directory with the old working directory – exclusive the .svn directories.

Backup working directory: mkdir wdb; cp -R * wdb
Remove subversion from wdb: find wdb -type d -name '.svn*' -exec rm -rf {} \; -prune
Remove all files from working directory
Re-checkout the project, using the right repos directory: svn co file:///home/freddy/proj/arccol/repos/trunk .
Overwrite the working directory with wdb: cp -R wdb/* .
rm -rf wdb