Green Recycle - Has it been decided?

[Videri]

Of course they don't just get deleted. Green characters get moved to Blue at the end of the timeline. No one would be playing if they thought their Green characters would just be deleted.

If the staff decide not to merge Green into Blue for whatever reason, they won't wipe the server. They never do.

From the original post:

Green Lifetime
The green server will, at a time yet to be decided, eventually merge into blue and start over again. This merge will not happen until at least 6 months after the last patch in velious (No earlier than January 2023).

"Merge into blue" means they move the characters (and yeah, their items) onto the Blue server, allowing you to play the characters you raised on Green forever on Blue; and start a new server on the Green hardware.