Volume formatting

I upgraded one of my drives from 1tb to 3tb. I now have 3tb, 3tb, 1tb and 2tb drives in my 4bay drobo. I currently have 2 volumes, but after recent storage boost drobo has created a new volume and dashboard is asking me to format the new volume. Does this in any way put my current storage at risk of loss if I format this volume? Any safety checks I need to do? I don’t have capacity nor speed of transfer to backup stuff that’s in my drobo.