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The error "external network is not reachable from the subnet" means that the subnet does not have a route to the external network where the floating IP pool is.

Ensure that you have a router created, your external network set as the gateway, and an interface on the router on the same subnet as the the system you are using.

To do this:

Create your router --> In your project tab Click on Network Tab, Go to Routers, Click on +Create Router, Name your router and save Set Gateway --> Click on set Gateway , Select the external network you want., Click on set Gateway. Add Subnet interface --> Click on the routers name, click on + Add Interface, Select the subnet you want to add, add the gateway IP if desired otherwise one will be chosen for you. At this point you should be able to add the floating IP to your VM.