Elastic IP addresses in AWS are static public IPs that you can allocate and assign to your EC2 instances. The process starts by requesting an Elastic IP, which AWS reserves for your use. Then you associate this Elastic IP with an EC2 instance, allowing it to be reachable from the internet using that fixed IP. When the instance uses the Elastic IP, all external traffic routes through it. If you disassociate the Elastic IP, the instance loses its public IP and becomes reachable only via its private IP. Finally, releasing the Elastic IP returns it to AWS's pool, making it available for others. This lifecycle ensures you can maintain a consistent public IP for your instance even if it stops or restarts.