Lyric discussion by fieldtoosh 

Cover art for 1940 lyrics by Submarines, The

I think that this song is the narrator speaking to a potential love interest. He's scared to enter a relationship with her ("Something's wrong when you regret things that haven't happened yet"), possibly because he's been hurt in the past ("You couldn't sleep for the awful fright that kept you up in bed last night"), but she's telling him that the past is in the past, that he should let go of it, and that he can be happy with her in the present ("So rise, and shine, now's the time to be alive, to stay awake with me a while, and smile"). The night/dark is a troubled past, and the bright morning is the beginning of a happier future. Just my take.

My Interpretation

BINGO. Winner, winner. This is my interpretation.

@fieldtoosh complete agreement. It’s perfect use of a metaphors.. Love and Dating is like WAR.. plain and simple. The simple groves of the Submarines song 1940 uses the context of submarine “warfare”..where the actors engage in a dance..rather an act of WAR in the name of love called courtship.. regrets for things that haven’t happened yet is the exposure of ones own heart in the process of exacting war. Powerful song even now.