What's Going On In The French Quarter?

I can't help but wonder, as I consume all this media and these constant images of this abandonment in New Orleans and in general the devestation of the whole region, about the French Quarter.

It is supposedly on high ground, build there surrounded by swamps or some other wetland according to the news at one point explaining how New Orleans ended up below the level of the Mississippi.

It's a historic place, and I'm wondering this because it's really the only place I've been in New Orleans (stayed a couple blocks away on business) and so it's my main frame of reference, just personally.  And it was a great historic set of blocks.  Is it under water?  Is it going to... still be there or is it trashed?

I think it may be above water, that was the point of New Orleans originally being above the water level.