No not "don't rebuild it", rebuild it in a smarter, and safer location inland. Another category 4 or 5 and those poor people are back where they are now.
Like an old Sunday school song said, "a wise man build his house upon a rock.... A foolish man built his house upon the sand.... In this case in a bowl under water.
Being I a hurricane area is one of natures problems a lot have to deal with. Compounding the problem with being a city built below sea level, well it doesn’t take an Einstein to ponder that one. LOL
If we are going to spend the money, (and we should) we should do it using intelligence, by moving the people out of harms way.
Again, just an opinion based on experience, knowledge, and observation, that's all.