Yes it is possible to recover deleted comments, but only if you moderate comments via email and you don't delete those emails which had been sent to your chosen address. I will use as an example the comment which inspired this post which you can see in the screen shot below:

This is how you recover deleted comments. First locate the relevant email with the comment. If you have not set your comments to allow anonymous comments, go to Blogger Dashboard, SETTINGS > COMMENTS and set it to allow anonymous (anyone) comments, only temporarily if you wish. Now go to the post where the deleted comment you want restored is. You can do this easily as the email for comment moderation has a link to the post (plus a link to the commentator profile which you would need later). Right click and chose open link in new tab (preferable) or open link in new window (if you don't use a browser with tabbed browsing like Firefox.
In that post, click Comment to open the comment editor, go to the email, copy the comment and paste it into the comment editor. Now your comment editor should look like the screen shot below if you had set comments to allow anonymous comments (Anyone). Tick Name/URL (see screen shot below):

Go back to the email, right click on the commentator name (highlighted with red ellipse in the screen shot above), select Copy link location to copy the URL of the profile of the commentator into clipboard. Go to the comment editor and paste the URL into the box for URL (see screen shot above).
Go back once more to the email, copy the display name of the commentator into the box for Name. Now all you have to do is to publish the comment and the recovered comment will not only have the comment itself, but also the commentator's display name which is an active clickable link to the commentator profile. The only difference from the original comment will be that the photo of the commentator will not be displayed.
Note: If the original comment is Anonymous which is not clickable, then you can only put Anonymous in Name or tick Anonymous instead of Name/URL
This is how you recover deleted comments. First locate the relevant email with the comment. If you have not set your comments to allow anonymous comments, go to Blogger Dashboard, SETTINGS > COMMENTS and set it to allow anonymous (anyone) comments, only temporarily if you wish. Now go to the post where the deleted comment you want restored is. You can do this easily as the email for comment moderation has a link to the post (plus a link to the commentator profile which you would need later). Right click and chose open link in new tab (preferable) or open link in new window (if you don't use a browser with tabbed browsing like Firefox.
In that post, click Comment to open the comment editor, go to the email, copy the comment and paste it into the comment editor. Now your comment editor should look like the screen shot below if you had set comments to allow anonymous comments (Anyone). Tick Name/URL (see screen shot below):

Go back to the email, right click on the commentator name (highlighted with red ellipse in the screen shot above), select Copy link location to copy the URL of the profile of the commentator into clipboard. Go to the comment editor and paste the URL into the box for URL (see screen shot above).
Go back once more to the email, copy the display name of the commentator into the box for Name. Now all you have to do is to publish the comment and the recovered comment will not only have the comment itself, but also the commentator's display name which is an active clickable link to the commentator profile. The only difference from the original comment will be that the photo of the commentator will not be displayed.
Note: If the original comment is Anonymous which is not clickable, then you can only put Anonymous in Name or tick Anonymous instead of Name/URL