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You can allocate and associate Elastic IP to the VM which is yours until you release it. Detail description and "how to" is in this link: https://docs.aws.amazon.com/AWSEC2/latest/UserGuide/elastic-ip-addresses-eip.html
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@AWS-User-alantam is this a good thing to do for private IPs that are only going to be used internally in a private subnet? I guess I always though of elastic IPs as for use in situations where you need a public IP.