How to Create a New EBS Volume on AWS

Create an EBS volume of prefered size. It must be in the same availability zone with your existing instance.

Attach the volume to the instance

Check the volume device id
    fdisk -l

Partition the volume, in my case the device id was /dev/xvdf
    mkfs.ext3 /dev/xvdf

Create mount point the new volume
    mkdir -p /media/disk1

Mount it
    mount /dev/xvdf /media/disk1

Create fstab entry for automatic mounting at boot time
    nano /etc/fstab

Add the following entry to the file
    /dev/xvdf  /media/disk1/    ext3    noatime,nodiratime        0   0