Lyric discussion by Night Sanctuary 

*TO demons in disguise Important enough to correct, potentially changes the meaning.

In my opinion, the song talks about how the consequences of past mistakes (maybe something to do with a relationship as described in the last verse) have accumulated to change the present, and now they've lost so much.

Sorry. Typo. My bad. Fixed. Thanks for the heads up.

I agree with what you say about looking back on the past. I think that the severed relationship is either part of a greater loss or that it has led to a greater loss.

The vapour imagery is interesting, especially in combination with the references to the cold.

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