I'd guess there is still humongous amounts of data missing that would be necessary for a simulation:
- the exact biological and chemical makeup of each neuron
- the biological and chemical environment in which those neurons exist
- the exact physics that govern the biological and chemical reactions happening in and around the neurons (and the ability to accurately simulate those physics)
- maybe most importantly, even if we have all those above (i.e. the ability to fully and accurately simulate biological systems as complex as individual cells), we may still missing the electro-chemical activation "state" of the neurons that allows the fly to operate as a cohesive whole. (as if we had all of the hardware of a computer, but none of the software)
I suppose that we'll hit a big wall once we reach simulation time frames which involves changes in protein expression, but I think we'll have a decent simulation of what a "static" fly long before the end of the decade.
Simulating a fly is obviously a much larger task, but "we can't possibly simulate it unless we understand X" seems to me a misguided criticism.
Flies are pretty highly optimised, and nature is happy to optimise all the way down to the single-molecule level. In fact there has to be a good reason to do something at the whole-neuron level, as this is vastly more expensive than doing it with a molecular machine. That reason is often speed, as electrical impulses give fast long-distance communication. But if you can do some of the computation with a molecular machine before sending that fast signal, why wouldn't you do this? So I'd bet that the hardware is customised many different ways invisible to this kind of scanning.
To me it would be highly surprising if these effects were not absolutely necessary to the brain's working.
"Here we (the FlyEM project at Janelia and collaborators at Google) summarize new methods and present the complete circuitry of a large fraction of the brain of a much more complex animal, the fruit fly Drosophila melanogaster."[1]
This doesn't touch the totality of the brain and says nothing of the CNS or PNS.
[1]https://www.biorxiv.org/content/10.1101/2020.01.21.911859v1