you can try echoing the environment varibales into /etc/environment as shown below:
reservation = connection.run_instances(image_id = image_id,
key_name = keypair,
instance_type = 'm1.small',
security_groups = ['default'],
user_data = '''#!/bin/sh\necho export foozle=schmoozle >> /etc/environment\n''')
Then, once you have SSH'ed into your instance:
ubuntu@ip-10-190-81-29:~$ echo $foozle
schmoozle