IIS 10 will not restart on my PC. When I navigate to localhost, I get a 'localhost refused to connect' message. After looking through the event viewer, it turns out that the issue is that the Windows Process Activation Service (WAS) will not start.
The error message given is:
'The Windows Process Activation Service (WAS) encountered an error while handling key generation. This will prevent WAS from starting corrently. The data field contains the error number.'
When I try to start the service manually from the services app, I get the following:
Has anyone experienced this issue before? Any help would be greatly appreciated, I've been trawling the internet for several days trying to find a solution to no avail.

According to your error message, WAS can not access the machine key when start up. Usually, machine keys are used to encrypt sensitive information in config file, WAS will not be able to start if there is no machine key to use.
The easiest and most common method is to try to uninstall and reinstall WAS.
If it still can not start, try to delete the registry entry NanoSet with cmd.
If the above two methods are useless, you can refer to this to delete machine keys, let WAS create new one while starting.