Error:The Managed Metadata Service or connection is currently not available. The Applicaiton Pool or Managed Metadata web service may not have been started. Please contact your Administrator.

Error:

The Managed Metadata Service or connection is curretnly not available. The Applicaiton Pool or Managed Metadata web service may not have been started. Please contact your Administrator.

 

Reasons:

 

1. Managed Metadata service application might have not started in Central Admin ->Application Management ->Manage Service Applications.
2. Managed Metadata web service might have not started in Central Admin ->Application Management ->Manage services on server.
3. The "SharePoint web services root" site may be stopped in your IIS.
4. Managed Metadata service application pool identity have proper permissions for the term store(you can check this from central admin ->Manage service applications -> managed metadata service, click some where on that and check in the administrators and permissions section available on ribbon)
5. Do iisreset
6. install the hot fix KB976462 located at the below link

  http://archive.msdn.microsoft.com/KB976462/Release/ProjectReleases.aspx?ReleaseId=4317

 

Hope one of the above reason should fix your issue. My issue is resolved by installing the hotfix.