diff --git a/Misc/NEWS.d/next/Library/2022-11-02-05-52-36.gh-issue-83004.LBl79O.rst b/Misc/NEWS.d/next/Library/2022-11-02-05-52-36.gh-issue-83004.LBl79O.rst
new file mode 100644
index 00000000000000..4de17abd063424
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2022-11-02-05-52-36.gh-issue-83004.LBl79O.rst
@@ -0,0 +1 @@
+Clean up refleak on failed module initialisation in :mod:`_io`.
diff --git a/Modules/_io/_iomodule.c b/Modules/_io/_iomodule.c
index 170dea41e8abdd..9e53de59c9cf73 100644
--- a/Modules/_io/_iomodule.c
+++ b/Modules/_io/_iomodule.c
@@ -718,10 +718,10 @@ PyInit__io(void)
         goto fail;
 
     /* BlockingIOError, for compatibility */
-    Py_INCREF(PyExc_BlockingIOError);
-    if (PyModule_AddObject(m, "BlockingIOError",
-                           (PyObject *) PyExc_BlockingIOError) < 0)
+    if (PyModule_AddObjectRef(m, "BlockingIOError",
+                              (PyObject *) PyExc_BlockingIOError) < 0) {
         goto fail;
+    }
 
     /* Concrete base types of the IO ABCs.
        (the ABCs themselves are declared through inheritance in io.py)