In seminar class we watched a movie about this lamentable event. It's a short movie called "Glory at the Sea".
The movie is narrated by a child and it's about a guy who is suddently pulled out from the bottom of the sea and since that moment he starts trying to go back into the water to reunite with his loved one. At the same time, everyone in the town joined him to reunite with their loved ones.
You can watch it here.
It isn't very important that you understand all the movie because you can define the end just as you got it.
In the movie I understood something like the story of some ghosts of New Orleans. They tried to find the way to reunite with the people that they love.
For me it was a happy ending despite the fact that they were ghosts; they did what they wanted. Except for the reverend, he just was so attached to his church that when he lost it, he just lost everything.