The Galileo High Accuracy Service (HAS) has been operational since January 2023, offering good and stable performance. The next phase of HAS is currently being implemented, offering enhanced performance and new functionalities. One of the improvements in HAS Phase 2 will be the provisioning of ionospheric parameters to users in the European Coverage Area (ECA). This paper focuses on the new Message Type 2 (MT2) which will contain the ionospheric parameters, i.e., ionospheric vertical delays (IVDs) and ionospheric vertical accuracies (IVAs). IVDs and IVAs will be provided for ionospheric grid points (IGPs) which receivers in the ECA area can see down to a certain elevation. Data for two ionospheric layers is planned to be provided. Because transmitting the IVDs and IVAs for a vast number of IGPs requires a significant amount of bandwidth, an investigation was also launched into different approaches for compressing the IVD data. To assess the efficacy of the compression, the percentage decrease in size was assessed through post-processing of historical data. Compared to non-optimized encoding of the IVDs using a fixed number of bits, processing of historical data showed a median IVD block size reduction of about 27% and 41% under solar maximum and solar minimum conditions, respectively. The IVD block compression approach will be evaluated further during the HAS Phase 2 implementation.