An Elastic IP address is a static IPv4 address designed for dynamic cloud computing. An
Elastic IP address is associated with your AWS account. With an Elastic IP address, you can
mask the failure of an instance or software by rapidly remapping the address to another
instance in your account
An Elastic IP is a public IP however in the AWS cloud an elastic IP is the construct used to
assign a public IP to an EC2 instance
Static IP and dynamic IP are terms used to describe IP addresses (public or private) that
are either statically defined or dynamically obtained (through DHCP)