The Blizzard in a Balloon is an accessory that combines the effects of the Blizzard in a Bottle and the Shiny Red Balloon. It boosts jump height by 33% and jump speed by 30%, increasing your first jump's height to ~10½ blocks (~75% increase), and provides a double jump that now goes 14½ blocks, for a total height of 25 blocks.
Jump height is oddly reduced when underwater, reducing your total underwater height from 19 blocks (8 + 11 from Blizzard jump) to 16 blocks (7 + 9 from Blizzard jump).
The Blizzard in a Balloon can stack with separate double-jump items, such as the Cloud in a Balloon and Tsunami in a Bottle. Stacking multiple items that give the same type of double-jump (in this case, Blizzard) will not increase the effects of the jump.
The double jump can be used to negate fall damage if timed correctly.
The double jump can be stopped midway by releasing the ↷ Jump button.
The Blizzard jump provides a speed boost when used, which can be used to quickly turn around while retaining some speed.
The total height achieved with the Blizzard in a Balloon versus the total height achieved with the Blizzard in a Bottle, including when submerged in water.