Let's say I have an EBS volume of 500GB with 300GB of data. What happens if I mistakenly resize the EBS volume to 200GB? Do I get an error message or does part of my data get wiped out?
I suspect it's the underlying systems that aren't good at handling online decreases. But the good news is, if you're happy to lose data, you can just delete the volume and create a smaller one.
(Yes I know that's probably not what you meant, but it does highlight the question of what exactly is non-valuable data?)
Bad news: that's because you can't make your EBS smaller.
Note the absence of 'increase OR decrease volume size'.