Answered

An extended period when temperatures are well below average is known as a/an

Adrought.
Bice age.
Ccold wave.
Ddraft.

Verified Answer :

It would be a cold wave. 
Ice ages occur when the temperatures are extremely cold.(long-term)

AL2006

Depends on the "period". If weeks, months, or years, then it's a cold wave. If centuries, then you've got yourself an ice age.