"Each storage volume is automatically replicated within the same Availability Zone. This prevents data loss due to failure of any single hardware component."
We don't keep the database on the same EBS, and we have segmented database traffic out to several EBS volumes (for WAL, etc.) That's not the issue.
We take regular snapshot backups. We didn't lose any data. We have everything, we just can't get to it.
Regardless of what might make sense in this situation, it's not working for us. We've moved both our instances and the volumes to different availability zones, to no avail.
I just received a call from AWS engineering, assuring us that we are currently their top priority, and a team of engineers are working to fix the problem. They're seeing the issue on their end, and fortunately for them, it seems rather isolated to our instance.
Could we have taken precautions to prevent this problem? Maybe. We hadn't, cause we didn't anticipate a problem as exotic as this one. The only way to keep persistent data on EC2 is using EBS, and right now, it doesn't work for us, at all. This is not a common problem that could've been solved with backups or snapshots, or whatever.