What I have read so far on the web is that there is no way to add a reserved IP to an existing VM (unless I recreate the VM which I am trying to avoid). However, I have noticed
Step by step to create Reserved IP and using it on Azure VM. Here you can go
Reserved IP Creation
I have done the Elastic IP Automatic scheduling on AWS.Here is the reference link Elastic IP Automation on AWS script.
Between needs to check about How can I write a script for automating the reserved IP for Azure.If you had done it earlier, Kindly share the script this will be very useful. Thanks.