Here's why:
* The "y" acts as a vowel: In words like "fiery," the "y" acts as a vowel sound, and it's a long vowel sound. Think of other words where "y" acts as a vowel, like "my," "cry," or "fly."
* The "i" is silent: The "i" in "fiery" is silent, so it doesn't influence the pronunciation of the "e."
So, the "e" is pronounced as a long "e" because it's the only vowel in the word that is pronounced, and the "y" functions as a vowel.