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An underground bunker can be made nearly water-proof but you still need a way in and out. Storm shelters are usually built under the home or garage and sealed on the outside. The entrance is almost always on the top - like a tilt up roof. The shelter itself has a drain field around the bottom to shed excess water away from the exterior.

If you need to build it more "in the open" or you don't have a garage then you look for a high spot and build it into that.

I don't know what "a modest" budget is but price some concrete building blocks, 2x4 lumber, heavy sealant for painting on concrete, and some OSB. Plan out how big you need - then increase the size by 50%. You can build it a little at a time and do a decent job of protecting yourself.

edited: If you need help let me know through PM with an email address and I can help with the plan and a bill of materials (list of what you need).
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