The problem is going to be that any weather issues tend to be instantaneous, Washouts, flooding land slips happen within hours, not days, months years,
If Dawlish gets washed out, there is no other way between Exeter and Plymouth by train, and repairs will not be done in days, or months, if the sea has taken large bites into the coastal section, How long would it take to build a new avoiding line, years, by the time you've planned the route, had the necessary public hearings, purchased the land needed,
I would argue that that fact alone outweighs the cost analyses or value for money, Whist the line is still there, there won't be any future planning, in a worst case scenario, there would instead be wide spread panic, imagine the economic cost if say Dawlish was rendered unusable, and the only option was to build a new line? and there was no railway beyond Teignmouth would the priority change?
I would argue that reopening of the closed route, via Okehampton to act as a feeder and serving towns that have no direct service to Exeter, or Plymouth in this scenario might make economic sense, A limited service, is better than no service whilst repairs, or a new route is dug, And in the meanwhile, it just serves as an extension to the Devon local service network of lines.