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Matthew 14:27

But Jesus immediately said to them: "Take courage! It is I. Don’t be afraid."

Matthew Henry
How these fears were silenced (v :27). He straightway relieved them, by showing them their mistake; when they were wrestling with the waves, he delayed his succour for some time; but he hastened his succour against their fright, as much the more dangerous; he straightway laid that storm with his word ....
[1] He rectified their mistake, by making himself known to them, as Joseph to his brethren; It is I. He does not name himself ... to these disciples it was enough to say, It is I; they knew his voice, as his sheep (Jn 10:4), as Mary Magdalene, Jn 20:16. They need not ask, "Who art thou, Lord? Art thou for us or for our adversaries?" They could say with the spouse, It is the voice of my beloved, (Song 2:8, 5:2). True believers know it by a good token. It was enough to make them easy, to understand who it was they saw.
Note, A right knowledge opens the door to true comfort, especially the knowledge of Christ.
[2] He encouraged them against their fright; It is I, and therefore,
First, Be of good cheer; tharseite - “Be courageous; pluck up your spirits, and be courageous.” If Christ's disciples be not cheerful in a storm, it is their own fault, he would have them so.
Secondly, Be not afraid;
1. “Be not afraid of me, now that you know it is I; surely you will not fear, for you know I mean you no hurt.” Note, Christ will not be a terror to those to whom he manifests himself; when they come to understand him aright, the terror will be over.
2. “Be not afraid of the tempest, of the winds and waves, though noisy and very threatening; fear them not, while I am so near you. I am he that concerns himself for you, and will not stand by and see you perish.”
Note, Nothing needs be a terror to those that have Christ near them, and know he is theirs; no, not death itself.
John Calvin
As Christ is not known to be a Deliverer till he actually makes his appearance, he speaks, and desires his disciples to recognise him. That confidence, to which he exhorts them, is represented by him as founded on his presence; plainly implying that, since they perceive him to be present with them, there are abundant grounds of hope. But as terror had already overpowered their minds, he corrects that terror, lest it should hinder or abate their confidence: not that they could all at once lay aside fear and experience unmingled joy, but because it was necessary that the fear which had seized them should be allayed, that it might not destroy their confidence. Although to the reprobate the voice of the Son of God is deadly, and his presence appalling, yet the effect which they produce on believers is here described to us as widely different. They cause inward peace and strong confidence to hold the sway over our hearts, that we may not yield to carnal fears. But the reason why we are disturbed by unfounded and sudden alarms is, that our ingratitude and wickedness prevent us from employing as shields the innumerable gifts of God, which, if they were turned to proper account, would give us all necessary support. Now though Christ appeared at the proper time for rendering assistance, yet the storm did not immediately cease, till the disciples were more fully aroused both to desire and to expect his grace. And this deserves our attention, as conveying the instruction, that there are good reasons why the Lord frequently delays to bestow that deliverance which he has ready at hand.