Reduce Space Around Floats (Algorithm, Figures, etc) in Latex

\setlength\floatsep{1.25\baselineskip plus 3pt minus 2pt}
\setlength\textfloatsep{1.25\baselineskip plus 3pt minus 2pt}
\setlength\intextsep{1.25\baselineskip plus 3pt minus 2 pt}

Put the above in the preamble, and change the 1.25 to desired one.

The First Line is for length between two adjacent floats

The Second Line -  for floats on top and bottom of text only
For floats at top - length between float and text below it
For floats at bottom - length between float and text above it

The Third Line- for floats in the middle of text only - length between text above it, and text below it.