Well cajun, I am a Cajun from the higher more stable part of Louisiana. . . Lafayette, where the real Cajuns live and the best Cajun food is found in mass(I had to throw that in for Mr. P who thinks fried squash is a gourmet dish). I think that as a historical landmark New Orleans has it's uses but as a major city that has always been very prone to flooding, disaster and is now a crime and murder capital, there is absolutely no reason for the federal government to fund much of anything there.
Baton Rouge makes more sense as a major port city and doesn't have nearly the problems except for crime which will no doubt be up with the influx of New Orleams population. With the rediculous amount of money that will need to be spent to bring back N.O. a new pilot channel could be constructed to the Gulf. Houston's port would pick up any of the slack that B.R. couldn't handle and the new channel would help lower the chance of flooding for all of the state by helping divert volumes of Mississippi waters. The sediment build up on the coast would help ease erosion of Louisiana coastline.
This would be a much wiser use of the money. This way you might lose some port activity but prices for shipped items around the country would be lower by getting cargo to East /West distribution centers quicker.
New Orleans may be a sentimental need for some but it is not something our country needs. Turn New Orleans into the Las Vegas of the south for entertainment and food and let the ship traffic go to a more intelligent place like Baton Rouge or Houston.