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If the console does not give the expected results, you can always use the CLI.
This worked for me:
aws rds modify-db-instance \
--db-instance-identifier your-instance-name \
--storage-type gp3 \
--apply-immediately
In this case, you can either increase the storage size of your RDS instance to meet the minimum requirement of 400 GB or consider changing the database engine to one that allows you to specify IOPS and storage throughput for gp3 storage.
If you decide to increase the storage size of your RDS instance, you can do so by modifying the RDS instance in the AWS Management Console and selecting a larger storage size. Keep in mind that increasing the storage size may also increase the cost of your RDS instance.
Alternatively, you could consider changing the database engine to one that supports gp3 storage and allows you to specify IOPS and storage throughput. For example, the MySQL and Oracle database engines support gp3 storage and allow you to configure IOPS and storage throughput. However, keep in mind that changing the database engine may require you to modify your application code and database schema to ensure compatibility with the new engine.
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Hello - per the following docs: https://docs.aws.amazon.com/AmazonRDS/latest/UserGuide/CHAP_Storage.html#gp3-storage any volume under 400GiB will result in the above message for Postgres RDS DB instances since 3,000 IOPS/125 MiBps is the only available specification. Just to confirm, if you did increase your volume size please be sure it is above 400GiB and it has been 6 hours since the modification.