Rob, very interesting thought.
But....If Concordia had been in open seas it wouldnt have needed the "bags" in the first place.
You would have to look into the weight of ship you were expecting the bags to float...ie 1, 2, 3, or 4 compartments flooded etc.....
Where would the bags be deployed? Blow off a panel in the ships side? Inside a flooded tank?
Space would definately be an issue along with space for gas bottles etc.
Do not forget...before they deploy airbags, as many holes as possible will have been sealed and water pumped out.
Nice thought but unworkable I think.