I had to cancel a trip to BLT due to Snowmageddon and inability to get out of town 4 years ago...my points went into holding...
DVC was terrific, but did not waive the holding points requirement...
The airlines kept canceling my flights (3 separate times) at the last minute, so I kept thinking I could go...finally, at 8 p.m. the night before I was to leave, the airlines canceled (yet again)...MS was, of course, closed...but Disney (CRO) helped out and kept me from losing the points altogether...I positively celebrated getting the holding status! (Wound up being able to use the points for an unexpected trip 3 months later)...
So, do expect holding status (you might get lucky; sometimes DVC will waive a rule unexpectedly...but probably not if the cancellation is due to weather)...
Good luck; hope you can go!