Robert,
This seems to imply the VFD thinks it is sending the frequency to the MOTOR bus but no amperage is flowing. The one last check would be to have someone hold a volt meter between two motor legs on the VFD terminals while you press jog. If there is no voltage present pretty sure sign the VFD got fried when you guys have a power surge at the building. The one other test would be to try this again with some small three phase motor designed to run at 220V under 3HP. My guess is the VFD is bad, hopefully the HSD spindle is still good. The scary part is often when disaster strikes it can take out the VFD and Spindle. That normally happens if the motor is spinning when the issue occurs.
Here is a used VFD, same as your but requires 3 phase input, used for $250 or BEST OFFER. located in California, might be able to get it for $200
Delta AC Servo Drive VFD B PN VFD022B23A Includes Free Shipping | eBay
someone on ebay has a used unit that is good for 3HP, same unit as your except it requires 3-phase input which you have available, for $250 + 20 = $270
Delta VFD B Servo Drive VFD022B23A 3 H P | eBay
someone else on ebay has a BRAND NEW 5HP unit, the same as yours except it can handle a slightly larger motor, 3-phase input, for $400
Delta VFD037B23A AC Motor VFD 3 7KW 5HP 230V 3Phase Inverter Drive | eBay
It would be good if you could test the VFD on another motor to ensure the VFD is toast, which is what I suspect. Of if you know someone who has a 3HP Delta VFD you could use to test the spindle.
Russ