I just talked to my dad (before you all start crapping on his credentials, he was a former Civil Engineering professor at UB, founding member of MCEER (multidisciplinary center for earthquake engineering research, used to be called NCEER in the 90's), current chair of his school's civil engineering dept and former head of the national earthquake research center in taiwan) and he said that even if the levees had been bolstered ahead of time, this tragedy probably would still have happened...no engineering is strong enough to guarantee withstanding such a storm
his professional opinion is yes, the water can be drained with hydraulic division, the city can be rebuilt and the levees can be made taller and stronger, but there is no guarantee that of withstanding huge storms
if this is what other professional engineers will tell investors, who in their right mind is going to invest in that city?
his exact words "i think the city is dead forever, but it gives new research topics for those in academics because FEMA has shown that it can not handle this kind of situation"
interesting fact i never knew about that he fed me...did you know that new orleans wasn't always below sea level? it was the constant pumping of the water out and the use of groundwater that caused subsidence