Dynamic Log Rotation and Compression Script

Design a robust Bash script that automatically rotates and compresses log files across multiple directories, with configurable retention policies. The script should handle different log formats, support multiple compression algorithms (gzip, bzip2), and provide detailed logging of its own operations. Implement error handling to manage scenarios like insufficient disk space, permission issues, and large file volumes. Include a mechanism to send email notifications or trigger alerts if log rotation fails or encounters critical errors.