As far as the eye can see, there's nothing but water.
Literal
Eye [poss-の] reach [limit-限り] water [only-ばかり] [copula-だ].
目の届く限り ('as far as one's eyes reach') is a set phrase for 'as far as the eye can see.' ~ばかりだ ('nothing but X') marks exclusive presence. A vivid seascape or flood image.