One interesting thing of living in the AI era is that every single one of these old apps (that people still use and never paid big money to upgrade because it it ain't broke don't fix it) can now be rebuilt for $5 in ten minutes if you really know what to do (YMMV)
If you don't know, you'd have to pay an expert big money to do that and the migration abandoned just like before, so another decade will go buy until AI does that without permission just because it found a possibility for optimization and it is instructed to do so without human approval, because governments
You would think so, but most of the low hanging fruit has already been rewritten and replaced. The biggest hurdle is hardware lock in, ISA boards, hardware keys, or other hardware interfaces that can’t be easily connected to new systems. Never mind the problem of verification. That app that takes days to rewrite can annoyingly take months to verify.
> if you really know what to do
The so called "load-bearing gap" you pay experts for.
Absolutely. And run faster, cheaper and safer.
Just as long as you still have all the documentation and the spec was done right and updated as things changed over the whole lifetime of the system up to now. And a good test harness. And industry-specific knowledge.