If you play Frigid Touch repeated on a buffed Fiora Victorious, must you recycle 2 for deflect as Fiora will no longer be mighty after the first instance?

Yes, you must pay the Deflect cost for both the initial and the Repeat targeting of Fiora — and it's Power, not a Recycle.

Here's why: When you play Frigid Touch with Repeat, both targets are chosen during the "Make Relevant Choices" step of playing the spell (Rule 820.2). At that moment, Fiora still has her buff and is Mighty (5+ Might), so she has Deflect. Deflect reads "for each time they choose me" (Rule 809.1.c) — choosing her twice during the play step means the Deflect cost applies twice, regardless of what happens later on the chain.

The fact that the first execution reduces her to 3 Might and she loses Mighty doesn't matter retroactively. Costs are determined and paid when the spell is played, not at resolution (FAQ #6986, #7054, #478, #9293). Both targeting decisions already happened at the same time during the play step, when Deflect was active.

Cost breakdown for the scenario:

• Frigid Touch base: 2 Energy
• Repeat[2] optional cost: 2 Energy
• Deflect × 2 (chosen twice): 2 Power (any domain)
• Total: 4 Energy + 2 Power

So you'd pay 2 Power total for Deflect (1 per instance), not recycle anything. Deflect adds Power costs, not Recycle costs (Rule 809.1.c.1).