(Edit 6/13): This is no longer an issue. Note: deleting the owner account is still a bad idea. But you shouldn't even get that far in frustration, because we now have the ability to transfer blogs from one account to another.
Under Classic Blogger, it was possible to transfer a blog from one administrative account to another, by adding the second account, then deleting the first. Incorrectly done, though, you could end up with a blog with no administrator, and no way to add an administrator. And another trouble ticket for Blogger Support to resolve.
So Blogger changed the possibility, with New Blogger 2006. Under New Blogger, you can add a second (or third, or ...) administrator, but you can't delete the first administrator. That takes care of the possibility of having no administrator. But it creates a second problem (which apparently Blogger doesn't find important) - you can end up with an account that has no need to administer a blog, but having been the first administrator, is stuck with that ability none the less.
Having accepted that fact, one bright person came up with the idea
OK, what if I delete the first account?
A drastic, but seemingly effective way to resolve the problem.
But no, that's not an answer at all. When you delete the original administrative account, the blogs associated with that account disappear. This is stated by Blogger Employee, in Blogger Help Group: Something Is Broken Since switch my blogs aren't on dashboard Help blogstars or Employee.
...the problem appears to be that you deleted the Google Account that these blogs were registered with. Be aware, when you delete your account, your blogs go with it.
In other words, do not delete an account having any blogs associated with it. And keep the account, and email address, current - and do not lose the password.
Removing the owner account from administrative status won't have the same effect as deleting that account - your blogs aren't going to vanish. But it won't force a second administrator to become the new owner, either. And if the second administrator isn't properly setup, you could end up with a blog with no administrator.
This advice comes too late for some. Let's hope that Blogger produces a workaround for the ownership transfer problem very quickly - expecting for any one account to remain as the owner of a given blog, for eternity, makes no sense at all. People do change names, and identities, and blogs do change ownership.
So, did you just delete your blog? Better get to work, now. And, whether you're reading this too late, or if I caught you in time, tell Blogger that this needs to be changed.