at first, when i only saw this picture, i thought that the mermaid was in a war with some humans (the human part because of those flags...) and the mermaid was calling the octopus to destroy them with a magical circle (the red circle below the mermaid) 8D now, that i read your description, I'm lost ._.
Oh it's nothing to be ashamed of, darling. The original Den Lille Havfrue is actually pretty brutal... And your colours and use of texture make the whole picture epic. I'm glad there's so much naked, too. Dammit, mermaids don't have tails up to their waists! It doesn't make sense!
This is just a really incredible piece! I think what I like most about it is that it's not a traditional mermaid. When I look at her, the term "a great and terrible beauty" comes to mind. I love the way you've drawn her "voice box" lighting up inside of her and, er, pouring forth so to speak. The octopus tentacles look great, even more omnious because we only see the arms and not so much the face. And I don't know why, but the sky really fascinates me. The clouds look so real and, alive. I really like how the clouds somewhat mirror the color of the raging waters below. It's a very intense scene that is very much alive. Really beautiful work!