We have investigated the role of elasticity in the stability of air–fluid interfaces during fluid displacement flows. Our investigations of the stability of coating flows with an eccentric cylinder geometry for both a viscous Newtonian fluid and ideal elastic Boger fluids are discussed in terms of three classes of phenomena. To begin, we have documented several new features in traditional fingering instabilities in elastic displacement flows. These include a very strong elastic destabilization of forward roll coating: a destabilization which can be correlated directly with the elasticity of the coating fluid and which appears to be present even in the absence of diverging channel walls. Moreover, elastic effects are shown to create a novel saw-toothed cusped pattern in the eccentric cylinder roll-and-plate geometry. Secondly, we have found that purely elastic bulk flow instabilities in the neighbourhood of air–fluid interfaces can cause surface deformations if the secondary flow is of sufficient strength. Finally, flows created by the displacement of less viscous air by a more viscous elastic fluid are found to display a new class of purely elastic instabilities which appear to be independent of traditional viscous fingering instabilities and elastic bulk flow instabilities. Thus interfaces which are stable for Newtonian fluids are unstable via purely elastic mechanisms. We have found that indeed elasticity has a dramatic effect on the stability of interfaces, not only changing the critical conditions, but also changing the manifestation of traditional fingering instabilities, and causing new purely elastic interfacial instabilities.