Error 5505 Column data types cannot be specified with a WITH [NO] DATA clause. - response (2) by M.Saeed Khurram

HI,
You are defining a column name as id, and in PI clause you are specifying item_id which do not exist. else the statement is working fine. 
you can try

CREATE VOLATILE TABLE wow  (
id DEC(18,0)
) UNIQUE PRIMARY INDEX(id)
ON COMMIT PRESERVE ROWS;