Upgrading from 2.14.4 to 3.1.0 errors with "Cannot find module './lib/reanimated2/globals' "

[umerqr]

I am trying to upgrade my reanimated versioning from 2.14.4 to 3.1.0 with the flag --legacy-peer-dep. The update happens normally but when I import even a basic Animated => const animated = useRef(new Animated.Value(0)).current; it gives it as null. When i explored the react-native-reanimated.d.ts file, I can see that the imports in the file lead to nowhere.

All the redlined imports can not be found as these files do not exist.

Steps to reproduce:
Linked the babel
npm install react-native-reanimated@latest --legacy-peer-deps
npm start -- --reset-cache

RN version: 0.71.6