Solved...
I went to Control Panel>Printers and devices.
After devices and printers there was a third row with an unidentified USB device. Going to the properties of the device and then to change configuration (a button with the admin shield on it) I was able to force the system to look for an update for the device
driver. It found one and installed it after which the drive popped up in my explorer. It works fine now.
Hope this will help someone who runs into the same problem. I still don't understand why this would happen, but at least I can use my drive again and access my files.