A maybe more common use of "have a field day" is quite different, even if it comes form a similar concept.
I don't think I have ever heard it used in the sense described in answers below. They are right, this is the literal meaning, but I suspect rarely used this way. I hav ehowever heard it frequently in another way.
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To "have a field day" means to enjoy some event or thing, but usually in a way that is negative for someone else.
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He saw that previous answers did not cover the meaning and had a field day explaining what they had missed.
When it became obvious that they had missed out on getting the contract because their submission was in late, he had a field day blaming the department that had been tasked with getting it in on time.
Hope it helps.