More on Rebuilding New Orleans...

This article provides another interesting perspective:

New Orleans is sinking further below sea level every year, and the shoreline is rapidly approaching the city. The river is rising, and more hurricanes and floods are certain to strike the region in the next 100 years. The decision whether to rebuild or relocate an historic city is a difficult one. Moving the bulk of the city would be more costly, at least at this stage before sinking increases and another disaster strikes. The costs of either decision will be enormous, but relocating makes more sense and will eventually be inevitable. Whether we cut our losses now and move or wait until a super-hurricane makes a direct hit and kills hundreds of thousands of people must be carefully considered.