Yes this should be doable, i am not a Expert so i cannot help you directly waht i can do is to share my Research, since i need such function to.
What you should search-
Could Setup a Cron job, run A “MPD” command to reconnect to the stream, possible to “ping” something like yourstream.com at first to check if the stream is available and then run the “MPD” command to reconect to the stream. Should definetly work, its a generic Linux solution i am implementing something like that as i write this.
I also found something that could work also, there is something called “MPD Watchdog” i dont know if it works under volumio, under RuneAudio it did
If i get the it to work, like ROCK SOLID i will gladly share it here.
♪♪♪ Thumbs up for the Volumio Community ♪♪♪♪
Keep on hearing great Music!