And suddenly a great tempest arose on the sea, so that the boat was covered with the waves. But He was asleep.
And look, there was a great earthquake under the sea, so that the boat was covered with waves. But he himself continued sleeping.
Matthew 8:24 (NKJV, Literal translation by Donald A. Hagner; my NT Teacher at Fuller)
This is the picture. A huge storm, a tempest, arises covering the boat with waves. We have Jesus and his disciples in a boat on the water, but Matthew chooses the words Mega Seismo or huge earthquake to describe what's happening. In other words, it's a great earthquake of waves. Hagner's translation gives the idea that the floor of the sea shook so hard that waves were created that covered the boat on the surface.
The boat was being pummeled with waves, yet Jesus slept on. What's the point here? Should we sleep during the figurative tempest that comes upon us? Yes we can, but we don't have to. Jesus is fully at peace in the storm, so much so that he can get his sleep when he needs it. If you panic, you can be encouraged that he's not. If you are so close to him that the storm does not bother you, that's great too. Whatever your reaction, your faith is being tested. Your faith is not in your faith but in a person.