Comment by gnfargbl

ICANN's position is that their policy is triggered by changes to ISO-3166. The code SU has not been removed from ISO-3166-2; instead it is "exceptionally reserved" (as is the code UK).

If the standards committee takes the same approach with IO, then it's possible that gives ICANN a route not to apply this policy. However, if IO is deleted completely, then my reading is the policy would apply.