It's raining again. Will the February snow festival go off without a hitch?
Literal
Again rain [subject-が] falling. February [possessive-の] snow-festival [topic-は] safely hold-able [wonder-だろうか].
雪まつり 'snow festival' — likely referring to the famous Sapporo Snow Festival. 無事 'safely, without incident' + 行える 'can be held' (potential of 行う). だろうか expresses worried uncertainty. Rain in winter threatens snow festivals — the concern is very real.