“Blessed.” One experiencing a condition of total joy and contentment under God’s umbrella of care.
“Fears the Lord.” One who has such awe and reverence for the Lord that they seek His pleasure and approval above all others including themselves.
However, by implication, the one who does not fear the Lord, but fears man instead, will not experience the blessing of God. For they will live as people-pleasers, always enslaved by the opinions of others.
As Christ-followers, we do not fear the Father’s wrath, for Christ has taken our punishment. But we are motivated by His great love that moves us to desire pleasing Him above all others. Fearing the Lord, we experience His blessing.