This song is clearly about fallen aviator(s) at Santa Cruz.

この海でまた翼羽ばたかせて
Kono umi de mata tsubasa habatakasete
Let their wings fly over these seas again

精鋭の矜持抱いて
Seiei no kyouji daite
bearing the pride of the elite...

この命暗がりの前で、刺して違えて墜ちた
Kono inochi kuragari no mae de, sashite chigaete ochita
In their darkest moments, they struck each other and fell

命燃やしになりの空に、海に砕けて消えた
Inochi moyashi ni nari no sora ni, umi ni kudakete kieta
from this sky where lives are burnt to ash, into the sea, where they shattered and
vanished.

もう次などない、お前の大事な翼
Mou tsugi nado nai, omae no daiji na tsubasa
There won't be a next time, for their precious wings

この海で砕け折れ、朽ちて、沈め...
Kono umi de kudakeore, kuchite, shizume...
for they will shatter, crumble, and sink...

もう戻ることはない、鍛えたあの宝
Mou modoru koto wa nai, kitaeta ano takara
Those treasures so carefully trained, will never return.

今日発って次は無し、鍛えた心落ちて
Kyou tatte tsugi wa nashi, kitaeta kokoro ochite
To launch today only to become nothing, their tempered hearts falling.

もう戻ることはない、輝きの魂も
Mou modoru koto wa nai, kagayaki no tamashi mo
Neither can their shining souls ever return.

この海でまた翼羽ばたかせて
Kono umi de mata tsubasa habatakasete
Let their wings fly over these seas again

刺し違えた命抱いて
Sashichigaeta inochi daite
bearing the lives they took from each other.