AWS Elastic IP addresses (EIP) allow the assignment of public static IPv4 addresses to resources, generally EC2 instances. An EIP can be remapped quickly, which allows the user to mask the failure of instances or software.
An Elastic IP Address (EIP) is a public static IPv4 address, which is reachable from the Internet. You can associate an Elastic IP address with your EC2 instance to enable communication with the Internet; for example, to connect to your instance from your local computer.
Elastic IPs provide resource mobility within a single VPC within a single AWS region, assisting with architecting fault tolerant applications. An unallocated EIP incurs charges.
Questions specifically dealing with AWS' Elastic IP should use this tag.