There are now translations available on both ShiraneHito’s blog and mine. Take my translation with a grain of salt as I’m just an amateur at Japanese, plus I tried to make the translation fit as singable lyrics.
I found this song very pretty, especially the contrast between the quiet, calm verse sections and the more outspoken refrain. The instrumentation is more subdued compared to some of the other tracks on this album, reminding me of the more singer-songwriter feel of “Kimi Dake Itekureta Machi” or “Hajimari no Saka” from the original Love Song.
The repeated lyrics “降り積もる覆い隠して” - “[snow] falls and piles up, covering everything” reflect the piling up of unhappiness and the singer’s loss of optimism, from loving this town (“この町で知った全部すきになる” - “I have come to love everything I know in this town”) to giving up hope (“永遠でいい町を閉ざして” - “[winter] can stay forever and isolate this town”), with the final repetition turning from “降り積もる” - “[snow] falls and piles up” to “降り積もれ” - “let [the snow] fall and pile up” as the singer wishes to forget everything about the town (“見たことのない銀色の世界” - “[let the snow turn it into] a silver-colored world that none have seen”) and start fresh (“真新しい一歩踏み出す” - “[so I can] take a brand new step”) without the unknown “you” addressed throughout the song.