The song lyrics were written by the band Van Halen, as they were asked to write a song for the 1979 movie "Over the Edge" starring Matt Dillon. The movie (and the lyrics, although more obliquely) are about bored, rebellious youth with nothing better to do than get into trouble. If you see the movie, these lyrics will make more sense. It's a great movie if you grew up in the 70s/80s you'll definitely remember some of these characters from your own life. Fun fact, after writing the song, Van Halen decided not to let the movie use it.
Drift away, just drift away
Sometimes I wish I could just drift away
They say there's gonna be a river of blood
It's apocalypse now
So we're waiting for the flood
The ice is gonna melt, the water gonna rise
And we'll all go to hell
So they're keeping us advised
While the dollar falls down
The yen gonna climb
It's a moral decline
And I'm losing my mind
I think I'll just drift away
To that island of my dreams
Live in total fantasy
Close my eyes and drift away
Back in the real world
There's tension everywhere
And the smell of fear
Keeps hanging around and polluting the air
The man on the news is going over the top
Now he'll say anything so his show don't flop
Wall street's down, so what
And according to astute market analysis
The world's gonna stop
They shout the story to the nation
Pass on the panic to the population
This is the end of civilization
It's all over now
[Chorus]
Meanwhile, I just drift away
To my island in the sun
Imaginary paradise, perfection
Sometimes I wish I could just drift away
Drift away (drift away)
Drift away (drift away)
Drift away (drift away)
Now all the politicians are running out of hope
They've burned all their bridges
Now they just can't cope
And who do we blame now we're all going broke?
It's that man over there
Who's hanging from a rope
Newsmen winding up the nation
A little bad news helps circulation
Pass on the panic to the population
It's all over, it's all over
It's all over now
Times like this, I just drift away
To my tropical fantasy
Living on coconuts growing on the trees
Sometimes I wish I could just drift away
Drift away, drift away, drift away
It's apocalypse now, drift away
Rivers of blood, drift away
And the man on the news is going over the top
[Chorus]
Sometimes I wish I could just drift away
They say there's gonna be a river of blood
It's apocalypse now
So we're waiting for the flood
The ice is gonna melt, the water gonna rise
And we'll all go to hell
So they're keeping us advised
While the dollar falls down
The yen gonna climb
It's a moral decline
And I'm losing my mind
I think I'll just drift away
To that island of my dreams
Live in total fantasy
Close my eyes and drift away
Back in the real world
There's tension everywhere
And the smell of fear
Keeps hanging around and polluting the air
The man on the news is going over the top
Now he'll say anything so his show don't flop
Wall street's down, so what
And according to astute market analysis
The world's gonna stop
They shout the story to the nation
Pass on the panic to the population
This is the end of civilization
It's all over now
[Chorus]
Meanwhile, I just drift away
To my island in the sun
Imaginary paradise, perfection
Sometimes I wish I could just drift away
Drift away (drift away)
Drift away (drift away)
Drift away (drift away)
Now all the politicians are running out of hope
They've burned all their bridges
Now they just can't cope
And who do we blame now we're all going broke?
It's that man over there
Who's hanging from a rope
Newsmen winding up the nation
A little bad news helps circulation
Pass on the panic to the population
It's all over, it's all over
It's all over now
Times like this, I just drift away
To my tropical fantasy
Living on coconuts growing on the trees
Sometimes I wish I could just drift away
Drift away, drift away, drift away
It's apocalypse now, drift away
Rivers of blood, drift away
And the man on the news is going over the top
[Chorus]
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Comes across as a person wishing they could just "drift away" from all the worries and problems of reality. In essence a song about escaping reality.
I think we all have our different means of escaping reality for a while (e.g. TV, movies, music, art, and dreams). Perhaps the narrator is wishing they could drift away for good?? (Or is the subtle overture a wish for people to simply sort out their shit so it doesn't affect their life?)