The Junction Support Services fundraiser for local agencies was going to happen at 11.30am in Junction Square.

It comes as the Bureau of Meteorology predicts a drop in temperature and damaging winds across Victoria and into NSW across the next three days.

Addressing a media conference on Wednesday, severe weather manager Steven McGibbony said there would be "blizzard-like" conditions in the Alpine regions and temperatures no higher than 10-12 across the rest of Victoria.

"We are asking Victorians to prepare and get ready for an icy blast at the end of this week," he said.

"We're certainly looking at what's likely to be our most significant cold outbreak that we've seen this winter."

Mr McGibbony said there would be 20 to 30mm of rain along the North East ranges on Thursday.

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"A lot of that will be falling as snow, with the snow level decreasing down to around 500 metre elevations through Friday and Saturday," he said.

Maximum wind gusts of up to 120km/h in the alpine peaks are predicted late-Thursday and into Friday.

The winds will start in the southern parts of South Australia on Thursday and will move through Victoria and into NSW throughout Friday.

North-east Victorian and southern NSW residents are urged to drive to conditions and keep an eye out for severe weather warnings.