You may decide to delete a storage policy in the following scenarios:
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The data that was backed up through that storage policy is no longer required. 
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Data no longer exists on the storage policy and you have no plans to use it for future backup operations. 
Caution
When you delete a storage policy:
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the associated data is logically deleted and you can not access the data from CommCell Console for recovery. For information about how to recover data when you accidentally delete a storage policy, see the troubleshooting article Recovering Data Associated with Deleted Clients and Storage Policies. 
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the library associated to the storage policy is not deleted automatically if there is no storage policy using the library. 
Before deleting a storage policy, you must perform the following:
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Re-associate all subclients of the storage policy to another storage policy. 
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Re-associate all the DDB subclients of the storage policy to another storage policy and perform the DDB backup job. 
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Ensure that jobs are not running for the storage policy. The storage policy deletion operation kills the jobs immediately. For restore jobs, the software automatically fails the jobs.