A couple of points. Looks like most of the damage in the NO area was caused by flooding which means the homeowners/businesses without federal flood insurance have no way to recoup their losses. Even if homes are rebuilt to sustain a CAT 5 hurricane, unless the levee system is repaired and upgraded to take a catastrophic hit, the area will flood again with similar destruction of property. The costs to construct adequate protection are staggering and it'll take a good deal of time to do so. Remains to be seen whether the system is simply repaired or the local, state, and federal governments will make the financial commitment for the upgrade.