What's in store for New Orleans?

How will such a city recover from such a devastating blow? I don't know much about what floodwaters do to structures, but from what I can imagine, entire neighborhoods, perhaps entire sections of New Orleans will need to be razed once the water (if ever) is pumped from the city. I guess it's just beyond my comprehension how a city would even begin to tackle that kind of a project, aside from all the search and rescue and unfortunately dead body recovery they have to do right now. Is the city destined to be merely a shell of what it once was? I know it's not as easy as to just find a spot above sea level and say "Okay, this is where we'll rebuild", but I don't see any logical reason for rebuilding entire neighborhoods in their current locations when the city will still be wedged between two major bodies of water and will still rely on levees to keep those two major bodies of water out. It was just asking for trouble to drain those areas below sea level in the first place. What I'm wondering is, once recovery begins (a long way down the road, I know), will New Orleans just cross its fingers and hope another devastating hurricane doesn't hit, or are we looking at permanent large-scale abandonment of certain areas of the city? Hurricanes will never stop lashing the coast. Unless New Orleans builds a 200ft concrete wall around the entire city, levees will be continue to be breached, and it is destined to flood again.>