Considering all of this in light of the obvious problems of continuous reconstruction of coastal metropolitain areas (likely to become an industry of its own,
I was told that the laborers tacking blue tarps over damaged roofs in New Orleans - and there are a very large number of them - are being paid $700 per day. Whether FEMA money or insurance company money, that'll come out of your and my pockets sooner or later. The mildest economic consequence that sort of wage could have would be inflation in the price of a beer - Abita Turbodog could go to $10!!! - but, like you say, it'll probably be more widespread than that.
This part of Texas makes a lot of sheetrock. We'll have a boom in that business trying to get all the walls in NOLA replaced, but then what? Hope for another Class 4 to keep all those employees on the payroll? Or lay them off when the weather won't cooperate?