请楼主务必提供完整的语境,否则让人莫名其妙.以下是我掌握的上下文：
Progress in both areas is undoubtedly necessary for the social, political, and intellectual development of these and all other societies; however, the conventional view that education should be one of the very highest priorities for promoting rapid economic development in poor countries is wrong. We are fortunate 【that it is】, because building new educational systems there and putting enough people through them to improve economic performance would require two or three generations.
据此,it is是it is wrong的省略,就是指前面的the conventional view is wrong.
至于We are fortunate that it is结构,这是名词性that-分句作形容词补足成分,“形容词+that-分句”构成形容词词组作主语补语.这种句型的主语一般都是人称主语,所用的形容词一般都是表示思想状况或感情色彩的形容词.例如：
I'm certain (that) I'll get there in time.
I'm afraid (that) I can't promise you anything.
She is convinced (that) he is honest.
He is positive (that) that's the man he saw yesterday.
We are anxious that everything should go smoothly.
They were rather disappointed that you could not come last week.
I'm a bit worried that she will not be able to make it.
They are glad that you have succeeded in your plans.
——引自章振邦主编、上海外语教育出版社1997《新编英语语法（第三版）》
