Draining the city will take however long it takes, but so far the steel and concrete backbone of New Orleans is mostly intact.
I have lost a house in a fire. I know what water damage does. There is nothing to do but tear the structure down to the foundation and start over again. Imagine that with a whole city. This is unimaginable.
Depending on how long a wood frame structure is immersed, the frame can still be ok. Steel frames and skinned commercial buildings will fare better.