The IO parts of the Python standard library are implemented as efficient C code, so I've seen performance that is better than in e.g. Java, especially in cases where the program is IO bound (as opposed to CPU bound).
Re:
Currently the majority of run time of this system is in reading/writing the files.
Furthermore, if your logic processes the file as a stream, not the contents of the file as a whole, you might actually see a performance improvement when migrating to Python if you use the right tools for the job. Basically the idea is to read the input in chunks, process the chunk and write the result into the output file immediately. This minimizes memory usage and latency, especially if your pipeline consists of multiple steps. Python generators allow writing such logic in a very clean, readable and concise manner, which is something you'll not find in Fortran or C, at least without some major extra effort to build such abstraction (and even then you'd end up with very magic and/or cryptic code).
See http://www.dabeaz.com/generators/ for a really good text about file processing in Python using generators.
In addition, depending on the nature and complexity of your processing algorithms, you might find that other abstractions (such as coroutines) or libraries (gevent, numpy, etc) available in Python will help you achieve better overall performance because it's simply easier to understand and refactor the code. (This of course holds in any high-level vs low-level language comparison.)
Also, check out PyPy: it might provide a (sometimes significant) performance boost over CPython in the number crunching part without any additional effort required on your side (not to say that you couldn't or shouldn't optimize your code for the PyPy JIT compiler :)).
And then there's Cython which allows you to write normal Python mixing it with parts that will be converted directly to C code. This has the advantage of better maintainability and readability over Fortran (and C) with the performance of C, while enabling you to use most if not all of the high level Python constructs, as well as calling directly into pure Python code as well as pure C code/libraries (and probably Fortran code/libraries: http://www.sfu.ca/~mawerder/notes/calling_fortran_from_python.html). You can also just write the performance critical (CPU bound) parts of your code in Cython and call it directly from Python.