What exactly have you done ? You've reset the account's password, and then logged out and back in everywhere : If your Apple ID has been locked - Apple Support ?
If you have and it didn't fix it contact iTunes Support and see if they can/will re-enable it : https://www.apple.com/emea/support/itunes/contact.html
Creating a new account shouldn't delete content, but anything downloaded by your existing account is permanently tied to that account, so only that account can download updates to its apps etc.
You shouldn’t create a new account. Since it is disabled there are two options. If it is saying disabled for security reasons or similar, all you have to do is change your password on AppleID.com and that should resolve the issue. If it is just giving the alert that it is disabled, it could be an account issue with iTunes and you would have to contact them.
If your Apple ID is locked or disabled - Apple Support
1800-My-Apple
If my Apple ID is disabled what do I do?
