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Check in the BIOS to make sure the the legacy drive is enabled.
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I don't think that is necessary with an external floppy drive. I could be wrong but the USB interface should handle that. I would try the external drive on another computer to see if the external drive is good, or not. If not, external USB floppy drives are about $20 so if the data is that important, $20 is cheap.
That said, like ALL magnetic storage media and especially "soft" media like floppy disks and magnetic tape, the magnetically aligned particles on the media representing the stored data lose their charge or alignment over time as the particles are influenced by the magnetic charges of the adjacent particles. So it is very likely the data on the floppy disks, including the formatting information, has degraded to a point the disks are no longer readable.