All the estimates are too low

Damage estimates for Hurricane Katrina are ranging from 9 billion to 21 billion dollars. I will go out on a limb and state unequivocally the final damage costs will exceed those estimates by a bunch. You are talking about a major city being nearly destroyed. New Orleans is under 25 feet of water right now. Additionally, as the storm turned east it wrecked havoc in Mississippi. Latest casualty figures I've seen are 80 fatalities in Mississippi and 55 fatalities in Louisiana. Those numbers will surely go much higher in the weeks to come.

Michelle Malkin has more info on the devastation and a ton of links.