Hi fellow victims of Iomega,
I had the exact same issue - after restarting my iomega home media drive, all folders were showing as empty in the storage manager application.
I did hours of research, and even installed ubuntu to read the drive directly as a linux hard drive. Folders were still showing empty. I finally concluded that data restoration was the way to go, although I had some concerns about losing file/folder structure. I tried photorec (from cgsecurity.org), and it found files but did not seem capable of restoring file structure. Note that iomega uses XFS, and *not* EXT for the file system on this drive. Perhaps that's one reason I could not read the files from Ubuntu.
I kept searching for other tools and found an inexpensive XFS recovery tool that is doing a fantastic job of recovering both files and my file system structure: Raise Data Recovery for XFS, available from Avangate (http://www.ufsexplorer.com/rdr_xfs.php) for just over 20 Euros. It took 7 hours to scan through about 1.2 TB of data on the Iomega drive, and it is restoring the approx. 24,000 files to an external 2TB drive right now. I'll have to do some manual re-naming of directories, but that's about the extent of the pain.
Hope his helps.