The discovery of four teenagers alive and well after going missing overnight in waters off Victoria's Mornington Peninsula has been hailed a "Christmas miracle" by police.
The two 18-year-old men and two women, 18 and 19, were found on Swan Island off the Bellarine Peninsula about 9am on Tuesday after they got caught in strong easterly winds and spent the night drifting in a choppy Port Phillip Bay.
The group set off on two inflatable paddle boards on Monday evening from Rosebud Foreshore before drifting into the middle of the bay, and ultimately ending up about 30 kilometres away.
