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Is it possible to split a reserved VM to 2 VMs with half specs of original reserved VM? I know it's possible on AWS EC2 but they should from within the same family without cost changing.

Example; Running a reserved A3 instance, decided we don't require that much power, and we decide to run 2 A2 instance instead.

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No, it is not possible to do that, an RI purchase is for a specific size. What you can do is get a pro-rated refund for your A3 purchase and then buy a new A2 one.

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