The report server cannot decrypt the symmetric key

I am getting a constant error "Report Server Windows Service" ID 120 and "Report Server" ID 107. The old administrator of this SQL server has left our company and left no record where the backup key (*.snk) file is located.

Here is the message I get when I try to re-enter my creds:

Microsoft.ReportingServices.WmiProvider.WMIProviderException: The report server cannot decrypt the symmetric key that is used to access sensitive or encrypted data in a report server database. You must either restore a backup key or delete all encrypted content. (rsReportServerDisabled)
   at Microsoft.ReportingServices.WmiProvider.RSWmiAdmin.ThrowOnError(ManagementBaseObject mo)
   at Microsoft.ReportingServices.WmiProvider.RSWmiAdmin.BackupEncryptionKey(Byte[]& encryptedBytes, String password)
   at ReportServicesConfigUI.WMIProvider.RSReportServerAdmin.BackupEncryptionKey(Byte[]& encryptedBytes, String password)

I'm seeing the only way to fix this is to delete all encrypted data and start again in the Report Services Configuration Manager since I don't have a key. Will deleting this data effect my database in any way or does this only effect the reports?