Gasoline, diesel, anti-freeze, bleach, human waste, acids, alcohols... the floodwater is tea-colored, murky and smells of burnt sulfur. A thin film of oil is visible in the water....
...there do not appear to be any choices other than to pump the water into Lake Pontchartrain or the Mississippi River.
"...it's going to kill everything in those waters."
The water will leave behind more trouble -- a city filled with (toxic) mold.. Most of the buildings will have to be destroyed...
The secondary effects are going to be nasty. They are already warning of E.Coli in the water. New Orleans is essentially a tropical region. It used to have a Malaria problem. Presently rare mosquito based illnesses may start spreading out of the area...