Yes. In Single Location automations, you can change daily budgets as well as bids:
Google Ads: increase or decrease the campaign's daily budget by a percentage.
Meta: increase or decrease the ad set's daily budget by a percentage, or set it to a fixed amount.
When your weather conditions end, the reverse action restores the original daily budget automatically.
Example: increase the daily budget by 30% when it's forecast to be hot and sunny within the next 2 days.
Budget actions aren't available on Multi-Location automations, because budgets apply to the whole campaign rather than to each location. There, use bid changes or switch delivery on and off for each location instead.