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That's Zangger's take on the Atlantis legend. His book about it is way out of print, but he revisits it in The Future of the Past: Archaeology in the 21st Century. Here's a review of the German edition of the earlier book:

Ein neuer Kampf um Troia: Archäologie in der Krise
reviewed by Edmund F. Bloedow
Bryn Mawr Classical Review 95.02.18
Ein neuer Kampf um Troia: Archäologie in der Krise by Eberhard Zangger
In such a wide-ranging study, however, one can scarcely expect one individual to be able to assess all the primary evidence. Indeed, it soon becomes evident that Z.'s conclusions are based almost exclusively on secondary, and at times even tertiary, sources. And by casting his net very wide, he hauls in a multifarious medley, whose quality varies enormously. For instance, he brings to the debate for the first time, in particular, Plato's Timaeus and Critias, as well as Dictys Cretensis and Dares Phrygius, and other Mediaeval Homeric 'romances' (68-74). For Z., the accounts of the Sea Peoples, contemporary documents, the Homeric epics, ancient authors, legends, extra-Homeric literature, all compete essentially on a level playing field: broadly speaking, they can all be approached as "half true and half untrue" (74-75).