Levees are critical, and a good deal.....

This Op Ed in the New York Times contains a few relative cost statistics which truly offer some perspective.

"The price tag for protection against a Category 5 hurricane, which would involve not just stronger and higher levees but also new drainage canals and environmental restoration, would very likely run to well over $32 billion. That is a lot of money. But that starting point represents just 1.2 percent of this year's estimated $2.6 trillion in federal spending, which actually overstates the case, since the cost would be spread over many years. And it is barely one-third the cost of the $95 billion in tax cuts passed just last week by the House of Representatives.
Total allocations for the wars in Iraq and Afghanistan and the war on terror have topped $300 billion."

It makes the delay in the Federal commitment necessary to give confidence to the private market seem far more eggregious.