man udp (7) states:
FIONREAD (SIOCINQ) Gets a pointer to an integer as argument. Returns the size of the next pending datagram in the integer in bytes, or 0 when no datagram is pending. Warning: Using FIONREAD, it is impossible to distinguish the case where no datagram is pending from the case where the next pending datagram contains zero bytes of data. It is safer to use select(2), poll(2), or epoll(7) to distinguish these cases.
So, the answer to your question is: FIONREAD returns the size of the next (first) pending datagram.