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Correction: Andrew should be $58 billion and this includes both FL and LA landfalls.

With 80% of a major city flooded along with many of its suburbs, do you still think Katrina will be in second place?

Steve-

Thanks. It sure does look like Katrina will rival Andrew for second place (after the great 1926 storm, at a normalized ~$110 billion) in terms of total losses. My guess is that the flooding won't dramatically increase the total to insurers, as flooding generally is covered by the government. It is without a doubt a huge disaster.

As New Orleans continues to be engulfed by flood waters, it is looking more and more like this could be the most consequential natural disaster ever in the US.

Not every day a city this large gets washed off the map. I think this will hit the number one spot. Is it even worth rebuilding there?

From the WWL blog: '3:43 P.M. - Senator Vitter: New Orleans will "absolutely" be rebuilt.'

This is my second favorite quote so far after Mayor Nagin's comment that this is an "event of a lifetime" (meaning in context that we don't have to worry about this event repeating itself in the forseeable future).

So, let's say they rebuild. Then a Cat 5 hits the rebuilt city dead-on (as almost occurred this time). Is there any chance that we won't see something very similar to what we're seeing now, albeit with with a lot more direct storm damage and loss of life?

Our problem is that the same politicians we hope will exercise reasonable caution with regard to global warming will within a matter of weeks be voting to spend the billions necessary to repaint the target.

Re the below: What engineering geniuses thought it would be fine to place these pumps below sea level and under roofs that were collapsible in a major hurricane (when they would be needed most)? More evidence that human society is incapable of rational long-term planning.

New Orleans Pumps: New Orleans flooding may last for days[sic]

http://www.montereyherald.com/mld/montereyherald/news/breaking_news/12516590.htm

"... Flooding specialists predicted that conditions could worsen as
authorities focused first on saving people trapped in buildings.

Some flood-control pumps were broken, choked by excess water or storm
debris. Others were lacking power needed to run. Roofs were reported
collapsed on at least two major pumping stations. Without the pumps,
much of the flood water will have nowhere to drain in this city cradled
within a bowl, at an average of six feet below sea level.

In a frustrating catch-22, it will be hard to fix the pumps and restore
their power while they are under water, but it's hard to drain the
water without the pumps, the flood experts warned. ..."