The statement can be interpreted in different ways depending on the context and specific details about the cost implications of both options. If you assert that elevating buildings is a less costly alternative when compared to building diversion channels, then the statement could be considered True. However, if "initially costs less" doesn't align with the actual cost analysis or if building diversion channels is indeed shown to be the less costly option in the long term, then the statement would be False.
Ultimately, without additional context, it's difficult to determine the correct answer with certainty. If you have specific data or details about costs, that would clarify the situation significantly.