It took a substantial hit to a ton of people and businesses in the area. There are several businesses that are tied to the lakes that had to either adapt or close shop and go elsewhere. The worst part about the situation was the Water Authority Company that owns the water rights for those lakes did not (AT ALL) want to rebuild the dams. They pushed very strongly, against the community, to drain all the lakes and leave them at creek or river level so that there would not be any more dams collapsing. I am pretty sure they did not want to be stuck paying the billions of dollars to rebuild.
The last I heard is the communities on each lake have put together their own taxing district. Each district will take control of the capital involved on each lake including the rebuilds for the dam. I believe the state will be funding part of the work and the rest will be taxed to each and every property owner on the lakes over the next 30-50 years to pay off the loans for the rebuild. The dams have been approved to be rebuilt, but from what I hear is that they will most likely be draining each lake one at a time for a period of 3 years to rebuild each dam.
With all that being said, I have not really kept up with everything in that area since I sold that property. I was very fortunate I was able to sell that property and keep my business afloat, even with the massive loss I took from the deal.