Then said he to the multitude that came forth to be baptized of him, O generation of vipers, who has warned you to flee from the wrath to come?
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Cyril of Alexandria
AD 444
What he means by the axe in this passage is the sharp wrath which God the Father brought on the Jews for their wickedness towards Christ and brazen violence. The wrath was brought on them like an axe. To this you may also add the parable in the Gospels about the fig tree. As an unfruitful plant, no longer of the generous kind, it was cut down by God. John does not say, however, that the axe was laid into the root, but at the root, that is, near the root. The branches were cut off, but the plant was not dug up by its root. Thus the remnant of Israel was saved and did not perish utterly. Commentary on Luke, Homily