You won't be able to create a new project with the old project key. The old project key will only be available if you delete the project it was previously associated with.
If you use Confluence with Jira, the Jira issue macros in Confluence will continue to work. Please note, if you don't see the change straight away, allow some time for the cache to refresh.
Links containing the old project key will continue to work, as link aliases will not be updated with the new key. For example, if you have a link to an issue 'EXAMPLE-1' in the description of an issue, and you change the project key 'EXAMPLE' to 'DEMO', then the alias 'EXAMPLE-1' will not be updated to 'DEMO-1'. The link will still direct you to DEMO-1.
After you change a key, we recommend communicating the change to your users. You will need to update board filters, dashboard filter gadgets, and any other global queries with the new key.
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