I have the latest version of PHP installed (8.0.1) and after running the composter install command, I received the following error in my PhpStorm terminal window:

===================================================================================== Problem 1 - Root composer.json requires php ^5.6 || ^7 but your php version (8.0.1) does not satisfy that requirement. Problem 2 - filp/whoops is locked to version 2.3.1 and an update of this package was not requested. - filp/whoops 2.3.1 requires php ^5.5.9 || ^7.0 -> your php version (8.0.1) does not satisfy that requirement.

I simply made the following changes on line 8 of the composer.json file to circumvent the error:

"php": "^5.6 || ^7 || ^8.0",

I simply appended the "|| ^8.0" and reran the composer install command and it ran with no errors.