I always assumed that the fire mentioned in this song was in reference to the fire that destroyed the house on Lake Street in Eau Claire; which is also mentioned in the Bon Iver song Holocene ("3rd & Lake, it Burned Away..."), and presumably bears some emotional significance to Justin Vernon. The rest of the imagery then refers to Justin's initial reaction to learning of the house fire, and subsequently mourning the loss of a place that he strongly associated with a critical stage of his emotional development; spilling forth fragments of memories bound to the property.
I always assumed that the fire mentioned in this song was in reference to the fire that destroyed the house on Lake Street in Eau Claire; which is also mentioned in the Bon Iver song Holocene ("3rd & Lake, it Burned Away..."), and presumably bears some emotional significance to Justin Vernon. The rest of the imagery then refers to Justin's initial reaction to learning of the house fire, and subsequently mourning the loss of a place that he strongly associated with a critical stage of his emotional development; spilling forth fragments of memories bound to the property.