After installation of windows update on 10th February 2016, the azure roles are not starting in emulator (Full/Express). The logs show below
[00005748:00006624, 2016/02/14, 12:03:24.391, FATAL] Role process exited with exit code of -2147024809
[00005748:00006624, 2016/02/14, 12:03:24.397, INFO ] Stopping role: deployment25(0).AzureCloudService2.WebRole1_IN_0. Notify: False Recycle: False StopTimeout: 30
[00005748:00006624, 2016/02/14, 12:03:24.398, IMPRT] State of deployment25(0).AzureCloudService2.WebRole1_IN_0 changed from RoleStateBusy to RoleStateStopping.
[00005748:00006624, 2016/02/14, 12:03:24.398, IMPRT] State of deployment25(0).AzureCloudService2.WebRole1_IN_0 changed from RoleStateStopping to RoleStateStopped.
[00005748:00006624, 2016/02/14, 12:03:24.398, ERROR] <- WapGetEnvironmentVariable=0x800700cb
[00005748:00006624, 2016/02/14, 12:03:24.398, WARN ] (Ignoring) Reading environment variable CleanupFirewallOnRoleRestart failed with HR: 800700cb
[00005748:00006624, 2016/02/14, 12:03:24.398, INFO ] The value of cleanupFirewallOnRoleRestart is set to True
[00005748:00006624, 2016/02/14, 12:03:24.398, WARN ] Attempting to recover role deployment25(0).AzureCloudService2.WebRole1_IN_0.
[00005748:00006624, 2016/02/14, 12:03:24.399, ERROR] Failed to create FSRM quota manager instance.
Update 14 Feb 2016
Looks like if i use full IIS (not IIS Express) and Full Emulator it works but if i select Express emulator (i can only select IISExpress) it does not*
Uninstalling Windows Update KB3126593 solved the problem, but after the Windows update of patch day April 12th 2016, the emulator did not start again. By successively uninstalling the updates, I identified KB3147071 to be the culprit. I reinstalled all the other updates and excluded KB3147071 from further updates and now the emulator works again.