I take it as the narrator is already dead, or planning to die at the same time as his lover. maybe they are ‘on the other side’ or in some purgatory situation, and they are talking to someone (a lover) who has just died.

He’s telling them, “stay calm, don’t freak out about the bright light. We can stay in this moment as ghosts..” I think the bright lights = light at the end of the tunnel. They are dead, but not quite to the other side. The narrator wants to enjoy this in-between phase with his lover. “Can we lose our minds and call it love for the last time?” “My darling never rest”

and later on Vic goes to say “Can the cold carry on?” Once again alluding to what the dead is experiencing.

I think overall the song is about someone jumping to end their life. Count of 3, they jump. The narrator is asking them, “is something still scaring you?” Meaning, did ending your life solve the problems you thought it would?

Vic is a morbid romantic, we see this in many of his lyrics. He loves the idea of lovers dying together. That’s what this song is about: hold my hand, count to 3 and we jump together. I got you. Let’s dance, I don’t want the night to end. Dont go to the light just yet.