In this paper, we address the problem of protection of Cloud-ready Elastic Optical Networks (C-EONs) from a single link failure (a fiber cut), the most common failure. Any protection scheme must be designed to ensure rapid failure recovery as data is lost continuously till the fault is identified and restored. Our protection scheme, crStreams (cloud-ready streams) overcomes the shortcomings of failure independent path protecting p-cycles (FIPP p-cycles) for C-EONs, guarantees rapid failure recovery, ensures service relocation and is also resource aware. Recently, due to rapid increase in data transmission rate, design of energy efficient schemes has attracted a lot of research attention. So, we propose four polynomial-time algorithms that efficiently employ crStreams for protection and further minimize energy consumption to the extent possible for dynamic requests. To the best of our knowledge, this paper is the first to propose algorithms for survivability of C-EONs, addressing the joint problem of minimizing energy consumption and resource utilization to the extent possible for dynamic requests while ensuring rapid failure recovery. Considering all conducted experiments, maximum improvement in energy consumption, resource sharing and bandwidth blocking ratio is 39.83 %, 44.44 % and 41.54 % respectively over the energy-greedy strategy.