You're correct if all the water that was frozen was already in the ocean as ice. The 10% of the icebergs that are above water would simply fill in for the 90% that is below with no net gain.
I think the issue was always about the glaciers melting. This is water that's not already part of the ocean and would eventually end up causing some increase in sea levels. Enough to flood New York City - I don't think so. Though I wouldn't be buying land in Louisiana or the Netherlands anytime soon.
Gil
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