In light of the reforms in New Orleans, this is great news, as there's hope the money might actually result in better outcomes for students (unlike most of the times this country has poured large amounts of money into a broken, dysfunctional system):

Louisiana: $1.8. Billion for Schools Lost to Katrina

By CAMPBELL ROBERTSON

Published: August 25, 2010

The Obama administration will give New Orleans $1.8 billion in a lump-sum reimbursement for schools that were damaged or destroyed in the flooding after Hurricane Katrina, Senator Mary L. Landrieu, a Democrat, announced Wednesday. The settlement will pay for 87 school campuses in the city to replace the 127 that existed before Katrina. The public education system in New Orleans was in the first stages of a radical overhaul before the storm, with the creation of a state-run Recovery School District in addition to the pre-existing Orleans Parish School Board. Over three-fifths of the city's students now attend charter schools. A spokeswoman for the Federal Emergency Management Agency did not confirm the figure but said that a major announcement would come later in the week.