There are few YouTube recordings of this final scene with English subtitles. This one, a concert version, done at the BBC Proms (Albert Hall) by Italian Wagnerian Antonio Pappano and Bryn Terfel as Wotan (Brunnhilde is on stage) captures the beauty of the music and the wonder of the lyrics (written by Wagner himself. Most operas had a duo teaming up to write music and libretto. Wagner was unique in that he did ALL of his libretti. While many may not think his lyrics are as poetic as many poets who were called into such service, they are nonetheless poignant and fitting). The lyrics tell the whole story thanks to the leitmotifs ever increasing in complexity.
In summary, Wotan, ruler of the gods, must punish his daughter, Brunnhilde, for disobeying his orders to let Siegmund die in his duel with Hunding in Act II. Brunnhilde refuses to do this because she knows that Siegmund’s son is being carried by Sieglinde (Siegmund’s sister who dies in childbirth after the opera at some point). So Wotan, to remain faithful to his promise to Fricka, who demanded Siegmund’s death for sleeping with Sieglinde, must kill him, of his own blood, instead. The son of Sieglinde and Siegmund, Siegfried, is the last hope for the redemption of the gods. Wotan does not learn this until the scene just before this finale. Softened as he learns of the motives behind Brunnhilde’s disobedience, Wotan must still put Brunnhilde to sleep on an inaccessible rock, surrounded by fire, in order to maintain “order”. The only hero who can enter the ring of fire and awaken Brunnhilde is one who knows no fear (Siegfiried).
Wotan, knowing that he must go ahead with his punishment of Brunnhilde, his daughter and favorite Valkyrie, reluctantly bids her farewell in this final scene of Die Walküre.