for reservation in reservations:
    ......
    ami_id = ec2_conn.create_image(instance.id, ami_name, description=ami_desc, no_reboot=True)

image_status = get_image(ami_id).state

import time
...
image_id = ec2_conn.create_image(instance.id, ...)
image = ec2_conn.get_all_images(image_ids=[image_id])[0]
while image.state == 'pending':
    time.sleep(5)
    image.update()
if image.state == 'available':
    # success, do something here
else:
    # handle failure here

import boto3
import time
region = 'us-west-1'
client = boto3.client('ec2', region_name=region)
def is_image_available(image_id):
    try:
        available = 0
        while available == 0:
            print "Not created yet.. Gonna sleep for 10 seconds"
            time.sleep(10)
            image = client.describe_images(ImageIds=[image_id])
            if image['Images'][0]['State'] == 'available':
                available = 1
        if available == 1:
            print "Image is now available for use."
            return True
    except Exception, e:
        print e

if is_image_available(image_id):
# Do something if image is available

image = ec2.Image(image_id)
if(image.state == 'pending'):
        print("Waiting for image to be available.")
        while(image.state != 'running'):
            image = ec2.Image(each_image)
        print("Image Available to use")