A company has noticed that its Amazon EBS Elastic Volume (io1) accounts for 90% of the cost and the remaining 10% cost can be attributed to the Amazon EC2 instance. The Amazon CloudWatch metrics report that both the Amazon EC2 instance and the Amazon EBS volume are under-utilized. The Amazon CloudWatch metrics also show that the Amazon EBS volume has occasional I/O bursts. The entire infrastructure is managed by AWS CloudFormation. As a Solutions Architect, what do you propose to reduce the costs?