It seems an odd statement for someone who is supposed to love us.
We are made in the image of God. This is not to say that God is like us. We reflect God in our creativity, imagination, love, intelligence and many other ways. This again is not to say that God loves the way we do, imagines the way we do, has the same intelligence we do. Therefore, to fear God is not to be afraid of him like he is a monster but to understand his ability is far beyond that of our own.
Just because a grizzly bear is wearing an apron and holding a teapot, does not mean you should fear it any less. You might not know if it will attack you, but it could. The same can be said of one in the wild amongst the trees and rivers. There is a common theme amongst animal lovers who are attacked by their exotic pets. These people project their own feelings of affection onto the animal, which is not capable of the same emotional responses. It is healthy to fear a wild Grizzly bear as well as one in captivity who is cared for by humans, because both bears have the capability and capacity to destroy you.
Too often, we as humans try to impose our limited sense of love and understanding upon God. The result is a lack of genuine respect for whom and what God is. Is God going to destroy you like a wild grizzly? Probably not, but could He; yes. To fear God is not to be afraid of Him like he is a monster, but to have a proper perspective on the fact that He is Creator and we are his creation. Like the bear, God is bigger and stronger, but more than that God is smarter, more imaginative, has a greater sense of creativity, and is much more knowledgeable than we are.
As a wise man said, “Fear God and don’t do stupid.”