Amazon Elastic Block Storage (EBS) provides scalable block-level storage that integrates with EC2 instances, enabling hosting of operating systems and applications, while addressing data storage challenges in IT enterprises. Elastic Load Balancing distributes application traffic across various targets to ensure high availability and security, with different types of load balancers for specific use cases. Key features include high availability, encryption for enhanced security, point-in-time snapshots for data durability, and operational monitoring through Amazon CloudWatch.