There are several reasons why initializing Icecrypt does not succeed. The most common ones are described below; for more information please visit the Icecrypt Support page.
In order for Icecrypt to work, the tool GnuPG needs to be installed. If GnuPG cannot be found, then first make sure that the executable gpg.exe (on Windows; gpg on other platforms) is installed on your computer. If GnuPG is installed, and Icecrypt cannot find it, then you need to manually set the path to GnuPG in the Icecrypt Preferences (menu Icecrypt > Preferences)
Further help is available on the Icecrypt Support Web Site.