Citations: Matthew 8:23-27 || Mark 4:35-41 || Luke 8:22-25 Lake Galilee (also Sea of Galilee / Lake Gennesaret / Lake Tiberias) is ~700 ft below sea level surrounded by hills, geography that produces sudden violent winds when cool mountain air meets warm lake surface.
Narrative
Jesus + disciples crossing the lake at evening. Jesus asleep in the stern on a cushion (Mark detail). Violent storm; boat fills with water; in danger of sinking. Disciples wake Jesus: "Teacher, don’t you care that we are dying?" Jesus rebukes the wind + sea: "Peace, be still!" Wind ceases; great calm.
Jesus to disciples: "Why are you so afraid? How is it that you have no faith?" Disciples to each other: "Who then is this, that he commandeth even the winds and the water, and they obey him?"
Theological significance
Authority-over-nature divine prerogative, OT background: Yahweh is the one who calms the sea (Psalms 65:7; Psalms 89:9; Psalms 107:28-30; Jonah's storm). Jesus's command speaks the same divine authority. Disciples' question "who then is this?", answered implicitly by the OT background.
Sleeping-savior motif, Jesus's sleep through the storm has been read as (a) his complete trust in the Father / (b) his real humanity-tiredness after teaching all day / (c) a deliberate test of disciple faith / (d) all of the above.
Faith-vs-fear dyad, Jesus's rebuke of disciples is gentle in Luke ("where is your faith?") but sharper in Mark ("Why are you so afraid? How is it that you have no faith?"). The miracle becomes pedagogical: disciples must learn to trust during life's storms.
Discipleship-storm allegorical reading, patristic + later traditions read the storm allegorically as life's trials + persecutions; the boat as the Church; the sleeping Christ as Christ's apparent absence during suffering. Application: hold faith; the Christ who seems asleep is the same Christ who can speak peace when called upon.