Sounds like a terrible plan to me. Treating symptoms instead of the disease won't solve the problem. Just because we humans are "determined" doesn't mean fighting nature like this will be successful. I'm sure the locals will feel better about their politicians for a few years and probably just long enough to 'forget' until the next time this exact problem needs to be solved.
The true options in this case are: 1) prevent rising sea levels, 2) move away from the coast. Wasting money "rebuilding" barrier islands is just folly.