It's an interesting subject and apparantly quite complex.
There was a recent TV report on the potential impacts of Hurricane Isaac on New Orleans considering the billions of dollars spent on flood defences.
Interestingly, there was quite some concern about the volumes of rain expected as the surface drainage and run-off had not been upgraded to cope with the projected amount of rain expected.
The flood and sea-intrusion defences were confidently expected to give protection.
So it seems that solutions would need to be considered for all potential root causes.