Let's get right to the heart of the matter.

stub
The answer is no and of course the answer is yes. You have to answer a few lead up questions first. How strong storm do you expect?

1. The strongest storm that could be reasonably expected to hit the city once every 50 years (up to Cat 3-) - yes
   
   
2. The strongest storm that could be reasonably expected to hit the city once every 500 years (Cat 4 to 5) - nowhere south of I-12 can be protected or
   
   
3. The strongest storm that could be reasonably expected to hit the city once every 100 years - depends on Which of the six floods do you want to protect the city from?
   

1)Plaquemines - no
2)St. Bernard - no
3)Lower Ninth - yes
4)New Orleans East - no
5)Central New Orleans Basin -yes.
6)Westbank - maybe