AWS Trusted Advisor has some good metrics on Cost Optimization when it comes to looking at your infrastructure portfolio and potential savings, however, it doesn’t offer a good way to see underutilized reservations. By using awscli you can check your reservations against what is actually running in order to find under provisioned reservations:

#!/bin/bash
# super quick hack to see difference between reserved and actual usage for RI

IFS="
"

first="true"
for az in us-east-1b us-east-1d
do
  if [ "$first" == "true" ]
  then
    echo "AvailabilityZone InstanceType Reserved Actual Underprovisioned"
    first="false"
  fi
  for itype in `aws ec2 describe-reserved-instances --filters Name=state,Values=active Name=availability-zone,Values=$az | grep InstanceType | sed -e 's/ //g' | cut -d'"' -f 4 | sort -u`
  do
    rcount=$(aws ec2 describe-reserved-instances --filters Name=state,Values=active Name=availability-zone,Values=$az Name=instance-type,Values=$itype | egrep 'InstanceCount' | awk '{print $NF}' | awk 'BEGIN{i=0}{i=i+$1}END{print i}')
    icount=$(aws ec2 describe-instances --filter Name=availability-zone,Values=$az Name=instance-type,Values=$itype | grep InstanceId | wc -l)

    echo "$az $itype $rcount $icount" | awk '{ if($4<$3){alert="YES"} print $1" "$2" "$3" "$4" "alert}'

  done;

done | column -t

Output:

$ compare_reserved_instances_vs_actual.sh
AvailabilityZone  InstanceType  Reserved  Actual  Underprovisioned
us-east-1b        m3.2xlarge    2         0       YES
us-east-1b        m3.medium     2         8
us-east-1b        m3.xlarge     11        4       YES
us-east-1b        m4.xlarge     2         46
us-east-1d        m3.medium     2         8
us-east-1d        m3.xlarge     6         0       YES
us-east-1d        m4.xlarge     1         17