Based on the docs found here
$ lsblk # Nitro based output
NAME MAJ:MIN RM SIZE RO TYPE MOUNTPOINT
nvme0n1 259:0 0 8G 0 disk
├─nvme0n1p1 259:1 0 8G 0 part /
└─nvme0n1p128 259:2 0 1M 0 part
nvme2n1 259:4 0 40G 0 disk /home/ec2-user/data
nvme1n1 259:3 0 10G 0 disk
only for Amazon Linux 1
$ sudo yum install xfsprogs # to avoid getting an error on the next step
$ sudo mkfs -t xfs /dev/xvdf # Traditional based mount point
$ sudo mkfs -t xfs /dev/nvme1n1 # Nitro based mount point
$ sudo file -s /dev/<volume-name> # to check that filesystem was properly created
$ mkdir ~/my-mountingpoint
$ sudo mount /dev/<volume-name> ~/my-mountingpoint
$ sudo chown -R ec2-user /home/ec2-user/my-mountingpoint
$ sudo blkid # check for the volumeid you used previously
$ sudo nano /etc/fstab #make a copy first!
# Add the following to the end of the file
UUID=<insert uuid here> /data xfs defaults,nofail 0 2
$ sudo reboot