Cannot assign Reserved ip Address: The following service limits were exceeded: reserved-public-ip-co

Summary:

I have 2 instances running Ubuntu which had static ips till last week or so.Now i cannot add any reserved IP address to both . I tried to recreate the instance but it doesnt work

Error: The following service limits were exceeded: reserved-public-ip-count.

Content (required):

The following service limits were exceeded: reserved-public-ip-count. Request a service limit increase from the service limits page in the console.

I get this error even after recreating the instance and trying to put reserved Ip address. Both by reserved ips disappeared.

Ephemeral public IP works fine but if i shut down the instance for some time it will disappear and new ip will come. So not useful for anything other than sandbox.