The "I/O Device Error" usually means the drive has failed. I had a Passport external drive fail six months ago with that same I/O error, but because my data was backed up on a second external drive I just replaced the faulty drive and restored my data from the back up.
External drives have a small interface card inside the enclosure and very often this can fail, causing the I/O error.
In that case the drive itself should be okay, you just need to extract it from the enclosure and put it into a third-party enclosure designed for 2.5-inch hard drives.
I didn't go down that route because I didn't need to rescue any data from it.