What's the full Event Viewer message? It would not usually report errors about the folder itself, so it's probably telling you something else is wrong.
Have you tried disabling your antivirus? That's often the cause of strange delays when double-clicking things.
If it's a spinning disk, could it have spun down since you last accessed it? Spin-up takes a few seconds.
If anti-malware software is breaking your PC, take it up with the authors of it, or remove it if it's worse than the malware it's meant to be saving you from.