The latest models look very bad. A direct hit by a Cat 4/5 on New Orleans would be the biggest natural disaster this country has ever seen on many levels.
1) Immeasurable loss of life. Everyone who doesn't leave the "bowl" will either drown and those that don't will be stranded for days in contaminated water. Worst case Projections call for 50,000-250,000 deaths.
2) A huge chunk of the crude oil the United States consumes (I read 30%) is off the Louisiana coast. A nasty Cat 5 will cause $4.00 gas.