Edit: One more point. In the SLA, you'll find the following: “Region Unavailable” and “Region Unavailability” means that more than one Availability Zone in which you are running an instance, within the same Region, is “Unavailable” to you. What it implies is that if you do not spread across multiple Availability Zones, you will then have less than 99.95% uptime. So spreading across AZs should still reduce your downtime, just not beyond that 99.95%