That usually suggests that the server cannot be reached, but as the url is "localhost", you must be running the browser on the server, so that cannot be the case.
So, it's more likely that either the service is not running, or if it is, it has failed.
You will need to read the log files to see what is failing.
Check if the JIRA service is running.
What is the OS where JIRA is installed?
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