Lyric discussion by Shapineapple 

I've figured it out!

The song just before this is "Never Go Back" and Amy has confirmed that "Never Go Back" was inspired by the Japanese tsunami that occurred earlier this year. Well, I was listening to "Never Go Back" with that in mind and then "Swimming Home" came on and everything clicked.

"Never Go Back" is from the perspective of someone losing the one they love in the tsunami.

"Swimming Home" is from the point of view of the person drowning. A response to the previous song. It all makes sense.

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My Translation (for simplicity's sake, I'll make it a man and the "Never Go Back" person a woman):

"Way down, I've been way down underneath this skin waiting to hear my name again"

----> He's sinking beneath the water, sinking way down, waiting for someone to help him.

"I'm sorry nothing can hold me I adore you still but I hear them calling and nothing can hold me"

----> He doesn't want to leave his her, but there's nothing that can hold him to this life. He's telling her that he still loves her and that he's sorry that he can't stay, because he's being called to the other side.

Way down, all the way down I will hear your voice but I'll no longer understand

----> Again, he's sinking down, down...he can hear her screaming for him, but the water muffles the sound and he can't understand what she's saying.

"I was looking to the sky when I knew I'd be swimming home and I cannot betray my kind They are here It's my time"

----> He was hanging on, trying to stay afloat, trying to escape. He looked to the sky and knew that he wasn't going to be able to hold on. He was going to die. He was going to sink to the bottom, to what was once his home, now submerged in the ocean waves. His friends and family have already drowned and they're there, waiting for him.

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The Japanese tsunami broke my heart when it happened. I donated what little I could afford to them. So, listening to this song in that context brought me to tears. It's so incredibly sad, because I'm sure this exact scene had actually played out many times during the tsunami.

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