A cost-saving approach for Amazon EBS instances is to use General Purpose (GP) SSD storage instead of Provisioned IOPS (PIOPS) SSD storage, as with GP SSDs you only pay for storage, while with PIOPS SSDs, you pay for both storage and IOPS. If you have existing PIOPS-based volumes, you can convert them to GP volumes by configuring larger storage, which provides higher baseline performance of IOPS at a lower cost. To lower the cost of your AWS bill while maintaining the same I/O performance, it is recommended that you ensure your Amazon EC2 instances are using General Purpose SSD volumes instead of Provisioned IOPS SSD volumes. Unless you are running mission-critical applications that require more than 10,000 IOPS or 160 MiB/s of throughput per EBS volume, converting your Provisioned IOPS EC2 instances to General Purpose instances can be highly beneficial. This way, you can enjoy cost-effective storage that is suitable for a wide range of workloads.
To ensure that your Amazon Elastic Block Store (EBS) volumes are of the type gp3 (General Purpose SSD) instead of io1, you can take the following remediation steps:
Once the changes are applied, the EBS volume type will be changed to gp3. Repeat these steps for any other io1 EBS volumes attached to the EC2 instance.
Note that gp3 volumes offer a lower cost-per-GB compared to io1 volumes, and provide a baseline performance of up to 3,000 IOPS and 125 MB/s throughput. If you need more IOPS or throughput, you can adjust the settings accordingly.