Louisiana Emergency Needs Corps of Engineers Authorization Act of 2006

Louisiana Emergency Needs Corps of Engineers Authorization Act of 2006 - Directs the Secretary of the Army, acting through the Chief of Engineers, to report to Congress identifying: (1) activities to reconstruct hurricane and flood protection measures relating to canals adjacent to Lake Pontchartrain in the Jefferson and Orleans parishes in accordance with federally authorized levels of hurricane and flood protection; (2) activities to protect, restore, and reduce the risk of storm damage in Louisiana coastal areas in which a major disaster relating to Hurricane Katrina or Hurricane Rita was declared by the President on or after August 29, 2005; (3) activities to fortify, strengthen, and improve hurricane protection and flood control infrastructure in existence on or before August 28, 2005; and (4) any activity included in the Chief's report dated August 23, 2002, that the Secretary determines to be integral to the protection of life and property in the disaster area.

Authorizes the Secretary to implement such activities at full federal cost, absent a resolution of congressional disapproval, 30 days after the report is submitted.

Directs the Secretary, in acquiring property to improve, reconstruct, or develop hurricane and flood protection measures relating to Hurricane Katrina or Rita, to compensate the owner without taking into consideration damage caused by the hurricane. Allows the Secretary to reduce the amount of compensation paid by the amount of any other payment received by the owner, including from an insurance claim or from the Federal Emergency Management Agency (FEMA).