Hmmm Midgardsormr....sounds like the mythical beasts from the seas of north, where I come from....btw,its Midgardsormen or MidgardsormEN(as in THE midgardsorm, orm in norwegian=snake or adder, the vikings didnt belive in dragons, but it was Ormer(snakes, adders instead)
FF has the idea of takin everything like that from the norse mythology...like Midgard=Middle earth if you like, same as in norse myths
One more thing, it may be spelled in a different way in english, but Loki is not Loki, but Loke ^^