So many of the competitions (both Summer and Winter) take place outdoors that one has to wonder what would happen if bad weather forced a postponement or even the cancellation of some events.
While some events in the past have been affected by weather, I don't think things have ever been so bad as to stop an event outright.
Does the IOC have plans for such an occurrence?
lestermount
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In Beijing they ran in a hard rain.
I am sure some weather could cause a delay in an event, but they will still do it once the weather permits.
call me Al
As I recall, baseball and softball games (in Atlanta? Sydney?) were played in steady rain late into the night to keep on schedule. That's really dangerous: an errant pitch can easily injure a batter. I believe some alpine skiing events in Nagano were cut short (1 run instead of 2) due to poor visibility (either fog or white-out conditions).
In these cases, the events ended on schedule. It's really unfair to the athletes, but that's the way the Olympics work.
As for contingency plans, I don't believe there are any besides force them to compete or continue playing late into the night.
Incidentally, I think this is the main reason why cricket is not an Olympic sport. Despite its wide popularity, the time a game ends can't be known to any certainty (maybe days after the start) and they can't play in the rain.