AWS EMR Cluster fails to launch

I am trying to launch an AWS EMR Cluster from the AWS Console, and am getting the following error:

Failed to provision ec2 instances because 'IAM Instance Profile "arn:aws:iam::553706642095:instance-profile/EMR_EC2_DefaultRole" has no associated IAM Roles

Any one know what this means and how to resolve it?

The following is the role policy:

{
  "Statement": [
    {
      "Action": [
        "cloudwatch:*",
        "dynamodb:*",
        "ec2:Describe*",
        "elasticmapreduce:Describe*",
        "rds:Describe*",
        "s3:*",
        "sdb:*",
        "sns:*",
        "sqs:*"
      ],
      "Effect": "Allow",
      "Resource": "*"
    }
  ]
}

Its trust policy document is:

{
  "Version": "2008-10-17",
  "Statement": [
    {
      "Sid": "",
      "Effect": "Allow",
      "Principal": {
        "Service": "ec2.amazonaws.com"
      },
      "Action": "sts:AssumeRole"
    }
  ]
}