I'm maintaining a fairly high-profile site which is hosted on Amazon EC2, and the previous developer pointed the A record at the instance's "public IP" instead of using an "Elastic IP". As far as I can tell the "public IP" is not in any way permanent so if ever I need to stop the instance, it will get a new one. Also, if I assign an elastic IP it removes the public IP, so if I change it the site will be inaccessible until the A record change propagates.
Obviously this is not good.
Is there any way I can assign an Elastic (or otherwise permanent) IP address without the current "public IP" being removed? Or, is there any other solution I haven't thought of to get me out of this mess?