Will elastomeric paint repair my stucco cracks?

Elastomeric paint can be used to fill in stucco cracks that are 1/16 of an inch or smaller, but this is not our method of choice.
Elastomeric caulk is a better remedy for the situation, especially for cracks wider than 1/16 of an inch. The caulk has great elasticity, so it will move with cracks if they widen, and it will help prevent water from seeping through the cracks.
Painting an entire wall with elastomeric paint, on the other hand, could make your problem worse. Elastomeric paint is so watertight that it prevents the walls from "breathing." So if water does manage to find its way into or behind your walls, it will get trapped there. That can cause problems like bubbling paint and mold growth.
So use the caulk instead to repair cracks. Before caulking, use an air compressor to clean out larger cracks. Remove loose material from within the crack with a one-inch putty knife.
Now the cracks are ready for caulking. After you caulk, touch up the paint using a 100 percent acrylic paint.