I don't think it needs to be that harsh - airlines would need to cap flights at 50% load factors in the NE/midwest during winter just in case a blizzard comes through and shuts everything down for 2-3 days so they don't owe a billion in comp.

Biggest thing I would like to see is airlines have x hours (25ish would work for me) to get you to your destination after your arrival time. If they cannot, they must rebook you on the first available flight in your class of service on **any** airline. Some exceptions can apply, such as within 24 hours of the airport opening if closed for weather.