The last time someone I knew had an issue, they had to get a senator to make waves to get anything resolved.
There isn't really a precedent for a tld with as many domains under it as .io, it's a very strong possibility it will be kept around and given to a private entity or even to GB.
.yu for Yugoslavia ran from 1989 to 2010.
Wikipedia has comprehensive articles on both of those ccTLDs, if you're interested in learning more