s indoors.
Two points – one important and the other maybe of interest:
1.(Important) unless you heat the workshop (or it gathers warmth from the sun and retains it) the insulation will provide little or no benefit.
When we experience prolonged severe cold weather the heavy machinery in the workshop will also become very cold unless heated.
If warm wet weather then moves in swiftly from the Atlantic at the end of the cold spell there will be no mechanism to bring the temperature of your machinery above that of the dew point of the new air mass. Condensation will form on the cold surfaces and indeed ice crystals might form (frost).
Bearing in mind the high probability of a severe cold spell during the next month this is a point worth understanding. The answer is to heat your workshop and the heavier machinery in particular, before the warmer moist air arrives.
A small tubular heater in or under the machine cabinet (or perhaps a conventional high energy 100w lamp) is useful but it may be safer to heat the entire workshop if you also have smaller, precision tools of value. At such times I tend to bring my more valuable small tools indoors.
A small fan to create air movement around the back of cabinets on N or E facing external walls can also be helpful if they are prone to dampness.
If you make moisture in your workshop, have damp walls or floor it is good to ventilate a bit. If not or if using a dehumidifier of any type you are best to keep the workshop areasonably airtight.
Portable gas and paraffin heaters are a no-no as they create moisture.
2. (Unimportant) the business of density of moist air is complicated as it depends also upon the temperature of the air. When water vapour condenses is releases energy which actually warms the air, so as rain drops form the temperature of the surrounding air actually increases at that location and may cause the air to rise while the water drops fall. Whilst this is relavent to rainfall in hilly areas I doubt it has much impact in the average workshop where draughts have a more evident effect!
This is very much simplified but I hope it might help avoid a few tears if we do experience severe cold over the next few weeks.