The ``elastic'' properties of lattices of reversely magnetized perfectly cylindrical domains (bubbles) are studied. Expressions are presented for the ``elastic'' constants determining the forces resulting from displacements in a general bubble lattice. Numerical results are given for the hexagonal (triangular) lattice and for various bubble spacings. ``Elastic'' wave phenomena in these lattices are investigated and the velocities of propagation are determined under the assumptions that the domain‐wall damping and the coercive field can be neglected. Finally, an estimate is made of the attenuation properties and of the quality factor of a resonating bubble lattice of finite dimensions.