This post from 2016 suggests that the Arctic Island is on Earth and the inhabitants must escape to another Earth-like planet. This could be accomplished by sending astronauts to explore the new world. The journey is long, so they would have to be fitted with cybernetic enhancements and put into cryo-sleep to survive.
Alternatively, when the ice finally melts, six heroes are placed in protective canisters coated in a protodermis shell. This is a rare substance, so only six could be produced. The newly melted water carries the canisters, (which are programmed to open once they detect arrival on dry land,) to a tropical island on the other side of the globe. These chosen few are the society's last hope for survival. Either way, the 310NICLE Universe, (in whichever form it takes,) is most likely set in humanity's future. G1 may have some connective tissue to the future as well- despite being set in "The time before time," considering one of the franchise's original titles was Afterman.
I would also like to point out that Cryoshell is attached to Faber's new project. In G1, the name Cryoshell was a reference to the Toa Canisters which acted as cryo-sleep shells. But a cryogenic shell could also refer to an outer layer of ice keeping its interior dormant in an ice age of stagnant progress. In G1, the Matoran had not just stagnated, they had regressed from the technological advancements of Metru Nui to the near-primitive state of Mata Nui's tribal lifestyle. That is, until the Toa returned to defeat Makuta and guide the Matoran back to their old home. Thus, the Toa awakening from stasis in their canisters is a visual representation of societal progress, so the canisters being this Arctic society's only hope for survival would make a lot of sense.
I know many Bionicle fans don't gel with the environmentalist message Faber is so fond of, but G1 had an environmentalist message too. The G1 story was about having the same respect for the planet as one would have for one's own body. That is why the world was set in the GSR, because Faber wanted to connect the ideas of medicine and environmentalism. The Earth is one big ecosystem that needs to be cared for in the same way we care for ourselves. G1's message was very general, but the natural evolution of that theme is to focus on global warming and transhumanism/A.I.