Right after the thread is cut, only gravity acts on the rod. The rod begins to rotate about hinge $O$. The weight $mg$ acts downward at the center of mass, which is at a distance $\tfrac{L}{2}$ from $O$.
The torque about $O$ immediately after cutting the thread is:
\[
\tau = mg \cdot \frac{L}{2}
\]
The moment of inertia of a uniform rod about one end is:
\[
I = \frac{1}{3} m L^2
\]
Thus, the angular acceleration is:
\[
\alpha = \frac{\tau}{I}
= \frac{mg(L/2)}{(1/3)mL^2}
= \frac{3g}{2L}
\]
Now consider the acceleration of the center of mass. The linear acceleration of the COM is purely vertical at this instant and equals:
\[
a_{\text{COM}} = \alpha \cdot \frac{L}{2}
= \frac{3g}{2L} \cdot \frac{L}{2}
= \frac{3g}{4}
\]
Apply Newton’s second law in the vertical direction to the rod:
\[
R_y - mg = m(-a_{\text{COM}})
\]
Since the COM accelerates downward, $-a_{\text{COM}} = -\tfrac{3g}{4}$:
\[
R_y - mg = -m\left(\frac{3g}{4}\right)
\]
Solving for $R_y$ gives:
\[
R_y = mg - \frac{3mg}{4}
= \frac{mg}{4}
\]
This is a positive value, meaning the reaction is upward (positive $y$-direction).
Thus, the reaction at hinge $O$ immediately after cutting the thread is:
\[
\frac{mg}{4} \text{ upward.}
\]