Ensure that your EC2 instances are using General Purpose SSD (gp2) EBS volumes instead of Provisioned IOPS SSD (io1) volumes for cost-effective storage that fits a broad range of workloads. Unless you are running mission-critical applications that need more than 10000 IOPS or 160 MiB/s of throughput per volume, Cloud Conformity recommends converting your io1 EBS volumes to gp2-type volumes in order to lower the cost of your monthly AWS bill while maintaining the same I/O performance. For example, if your application requirements are 100GB storage and 600 IOPS (input/output operations per second) you can save roughly $31 per month using gp2 EBS volumes instead of io1 volumes as an io1-type EBS volume with 600 IOPS and 100GB storage costs $51.50/month while a gp2 volume with 600 IOPS and 200GB storage costs only $20.00/month (as of November 2016).
Using General Purpose SSD (gp2) volumes instead of Provisioned IOPS SSD (io1) volumes represents a good strategy to cut down on EBS costs because for gp2-type volumes you only pay for the storage compared to io1 volumes where you pay for both storage and IOPS. Converting existing io1 resources to gp2 is often possible by configuring larger storage which gives higher baseline performance of IOPS for a lower cost.
To determine the type of your existing EBS volumes, perform the following:
To convert your Provisioned IOPS SSD (io1) EBS volumes to General Purpose SSD (gp2) volumes, you need to recreate them with the optimal configuration by perform the following: