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I have succeed with Tenorshare Data Recovery many times. If it shows up in 'My Computer' as a drive letter(like E: drive) but you can't access it,I would first try to recover the data on it with a data recovery program to avoid losing them.
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SOURCE: iomega media network hard drive not accessible
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You can now format a hard drive, change a drive's letter, partition a hard drive, or do whatever else you need to do in Windows XP's Disk Management tool.Note: If you don't see Disk Management listed, you may need to click on the + icon to the left of Storage to expand the option. In a few seconds, Disk Management will load on the right side of the Computer Management window. When Computer Management opens, click on Disk Management on the left.In the Administrative Tools window, double-click on Computer Management.In the Performance and Maintenance window, click on the Administrative Tools link located under the or pick a Control Panel icon heading near the bottom of the window.Just double-click on the Administrative Tools icon and skip to Step 4. Note: If you're viewing the Classic View of Control Panel, you won't see this link. Click on the Performance and Maintenance link.You have to initilize the disk in disk management utility, heres how (windows XP) SOURCE: Purchased new Iomega 1 TB Home Media network HD,
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