This song is about addiction to cocaine. The "snowflakes" are baked goods, "snowblind" is the addiction, and when "my eyes are blind but I can see" it can either mean the trip, going cold turkey, or an overdose.
The band did a lot of drugs, including plenty of cocaine while they were making the Black Sabbath, Vol. 4 album. Lead singer Ozzy Osbourne was in and out of rehab clinics, including Betty Ford, for a long time before going sober in 1991.
Black Sabbath wanted to use Snowblind as the title to the album, but their record company would not let them because of the drug reference.
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