This question is revisited a lot, but the general consensus has been that FORTRAN is fast, simple, easy to understand and code, and the compilers used are super optimized (Intel's FORTRAN compiler was really a gem - it managed to do a ton of automatic parallelization on modern hardware)
I'll see if I can find it, but I remember attending a conference talk at AGU in ~'08-10 called "Do-over or make-do" [1] that analyzed how many people-hours it would take to update all the climate modeling software (earth and space sciences are really huge on legacy FORTRAN code), and the conclusion of that talk was: use modern code/tools for glue, keep your climate models in FORTRAN.
There's a ton relating to precision - we had a huge ordeal converting our 32-bit space weather model to 64-bit because the change in precision changed our results, so we couldn't publish (in good conscious) without making sure the results weren't within a good margin of error. Anyhow.
This is always a fun thing to revisit now that I'm really far away from having to maintain any FORTRAN code any more :)
edit found it! [1]: https://www.easterbrook.ca/steve/2010/12/agu-session-on-soft... [2]: slides http://www.cs.toronto.edu/~sme/presentations/Easterbrook-AGU... Also randomly found this: http://www.moreisdifferent.com/2015/07/16/why-physicsts-stil...