About whom is this Nevu'ah?
Rashi: It is about Bavel, like it says explicitly.
What is "Masa Midbar Yam"?
Rashi citing Targum Yonasan: The Nevu'ah of the camps that will come from the Midbar, [great] like the water of the sea.
Radak, Malbim: Bavel is called Midbar Yam, because Madai and Paras were northeast of Bavel - "Ha'irosi mi'Tzafon va'Yas mi'Mizrach Shemesh" (41:25). Bavel is west of them; this is called Yam. It says Midbar, for a Midbar is between Bavel, and Paras and Madai.
What is "k'Sufos ba'Negev Lachalof"?
Rashi: Like a storm wind that blows in the dry land. It blows up much dust. So, many camps will pass on Bavel.
Radak: Like a storm wind in the Negev, i.e. a dry Midbar. There is always wind there. So Paras and Madai will leave to go to Bavel.
Radak citing Targum Yonasan: "Negev" is south; Bavel is south of Paras and Madai.
Malbim: It is a sandstorm 1 in a Neguvah (dry) land. Much dust and earth is raised.
Malbim: Bavel fought with Paras and Madai, and Belshatzar made a big party on the day that he conquered them. On the night of the feast, servants of the king conspired against him via Hashem's word, and killed him. They informed Paras' army, which was still on the road, and they returned to conquer and destroy Bavel. The verse depicts that a lookout stands on the wall of Bavel and when Paras' camp returns to Bavel, it looks like a sandstorm. Afterwards he learns about the rebellion, and that Paras is coming to destroy Bavel. The lookout is pained and trembles.
What is "Eretz Nora'ah"?
Rashi citing Targum Yonasan: A land in which mighty acts were done.
Rashi: It is a place of snakes and scorpions - "ha'Midbar ha'Gadol veha'Nora" (Devarim 1:19).
Radak: It is from a far land. Paras and Madai were far from Bavel. Distant is called Nora, for a person fears it more, for he does not know its strength and conduct. He knows the strength and conduct of what is near.
Malbim: It is Paras, which Bavel feared.
QUESTIONS ON RASHI
Rashi writes that this Nevu'ah is about Bavel. Perek 13 already prophesized about Bavel!
Rashi: Sometimes the Nevu'ah comes one day in one style, and another day in another style.
Radak: It is repeated, because they were excessively evil to Yisrael. Similarly, he had multiple Nevu'os about Ashur.