We present a novel design of a ferroelectric fast reactive tuner (FE-FRT) capable of modulating mega-VAR reactive power on a submicrosecond timescale. The high reactive power capability of our design extends the range of applications of reactive tuners to numerous applications. We present a detailed analytical model of the performance of a megawatt-class reactive power device and benchmark it against finite-element method eigenmode and frequency domain electromagnetic simulations. We introduce new features, including an annulus design for the ferroelectric capacitors and capacitive window coupling to the cavity. We consider thermal design issues and nonlinear effects in the ferroelectric. The model covers several configurations, allowing control of the frequency of superconducting and normal-conducting cavities in a variety of applications and frequencies. We calculate that the FE-FRT designed should be capable of handling around 0.45 MVAR of reactive power with around 3 kW of resistive losses, providing a frequency tuning range of 8 kHz in an example of 400 MHz cavity geometry.