This error is really driving me crazy. (Terminal running in administrator mode)
Initialization of azure storage emulator in sql server 2014:
C:\\Prog
Make sure the user that initialized the emulator is the same as the user that is starting the emulator. Note that if you elevate as a different user to run initialization, then the initialization only applies to that user.
If that doesn't help, you can try to launch the emulator with the -inprocess flag to get a more detailed error message:
WAStorageEmulator start -inprocess