Can't start local server via PHPStorm 8 after updating Google App Engine SDK?

After updating the Google App Engine SDK to 1.9.20, I cannot start the local server via PHPStorm 8. I am getting the following error:

The PHP interpreter specified with the --php_executable_path flag 

("/usr/local/bin/php-cgi") is not compatible with the App Engine PHP development environment.

Unable to load GAE runtime module at /Applications/GoogleAppEngineLauncher.app/Contents/Resources/GoogleAppEngine-default.bundle/Contents/Resources/php55/gae_runtime_module.so

      

        
        
        
      

    

I am running the following versions locally

php -version

PHP 5.5.22 (cli) (built: Mar 10 2015 14:17:46) 
Copyright (c) 1997-2015 The PHP Group
Zend Engine v2.5.0, Copyright (c) 1998-2015 Zend Technologies
    with Xdebug v2.2.7, Copyright (c) 2002-2015, by Derick Rethans

      

        
        
        
      

    

php-cgi -version

PHP 5.5.22 (cgi-fcgi) (built: Mar 10 2015 14:17:49)
Copyright (c) 1997-2015 The PHP Group
Zend Engine v2.5.0, Copyright (c) 1998-2015 Zend Technologies
    with Xdebug v2.2.7, Copyright (c) 2002-2015, by Derick Rethans

      

        
        
        
      

    

Here is the error I am getting via PHPStorm:

ERROR    2015-05-18 11:30:04,783 php_runtime.py:353] The PHP runtime is not 

available
Traceback (most recent call last):
  File "/Applications/GoogleAppEngineLauncher.app/Contents/Resources/GoogleAppEngine-default.bundle/Contents/Resources/google_appengine/google/appengine/tools/devappserver2/php_runtime.py", line 349, in new_instance
    self._check_binaries(php_executable_path, gae_extension_path)
  File "/Applications/GoogleAppEngineLauncher.app/Contents/Resources/GoogleAppEngine-default.bundle/Contents/Resources/google_appengine/google/appengine/tools/devappserver2/php_runtime.py", line 290, in _check_binaries
    cls._check_gae_extension(php_executable_path, gae_extension_path, env)
  File "/Applications/GoogleAppEngineLauncher.app/Contents/Resources/GoogleAppEngine-default.bundle/Contents/Resources/google_appengine/google/appengine/tools/devappserver2/php_runtime.py", line 252, in _check_gae_extension
    gae_extension_path)
_PHPEnvironmentError: Unable to load GAE runtime module at /Applications/GoogleAppEngineLauncher.app/Contents/Resources/GoogleAppEngine-default.bundle/Contents/Resources/php55/gae_runtime_module.so

      

        
        
        
      

    

As I understand it, PHP 5.5 should be supported, where is the problem?