First, I am asking about Django migration introduced in 1.7, not south.
Suppose I have migrations 001_add_field_x, 002_add_field_y         
        
You can use the --fake option.
Once you revert to 0001 you can run
python manage.py migrate <app> 0002 --fake
and then run
python manage.py migrate <app> #Optionally specify 0003 explicitly
which would apply only 0003 in this case.
If you do not want to follow this process for all the environment/other developers, you can just remove the migration files, and run a new makemigration, and commit that file - and yes, do run migrate with the --fake option
docs: https://docs.djangoproject.com/en/3.1/ref/django-admin/#cmdoption-migrate-fake