This is known as the sterile insect technique(SIT) and has proven effective in quite a few cases[0]. Looking at the list of times this has been attempted it doesn't look like there have ever been any adverse effects[1].

[0]: https://en.wikipedia.org/wiki/Sterile_insect_technique#Succe...

[1]: https://en.wikipedia.org/wiki/List_of_sterile_insect_techniq...