This is pretty grim news, if true.
Even still, in the context of the major catastrophe there, it’s small potatoes. It’s going to cost billions to reclaim much of the land just from the seawater inundation (perhaps including dikes, with some advice from the Dutch). This just may mean that there will be a small part of it that will never be reclaimable in the foreseeable future.
On the other hand, they can console themselves with the thought that this probably won’t happen again for a few hundred years.