LORAN is a HF (High Frequency) signal that is based on calculation of time difference of arrival from three widely spaced land-based transmitters that are synchronized in time, basically the same principal upon which GPS is based. These are set up in a series of "chains" of related stations, each operating on its own grid. As you move to different geographic areas, you have to switch to a different grid to maintain accuracy and, perhaps, even receive a full set of signals. Modern LORAN receivers will do this automatically, making operation as easy as with GPS. The LORAN system was not anywhere near as accurate as GPS, even when "selective availability" on GPS was active. (Deliberate degradation of GPS accuracy to civilian use.)
The upgrade to LORAN will provide enhanced accuracy and that system is less easily knocked out than GPS. Reasons are stated in the referenced article.
Why do this? It is a sensible backup for military use, as well as civilian aircraft and vessels. I am a sailor and do both offshore and coastal cruising. I am very pleased to hear that LORAN will continue, as I have personally experienced times when GPS became unavailable for some unknown reason. If you are in a thick fog (as I have often experienced, especially in DownEast waters), electronic navigation capability can really help keep your underwear unsoiled at times.
Having LORAN available to the civilian marker is somewhat akin to the reason that you have a fire extinguisher in your home. It is comforting even if you never use it. But if you do need it........
Warhorse