As Gelebor said, there could be another groups of snow elves survivers. And if so, Magnus, wich represent connection with Aetherius and Aedra, is a good symbol of this festival. Nights becomes shorter, days are brighter and filled with light of a new hope.
I remember, however, many of them become blind, poisoned by Dwemer, and war in Saarthal broke out around the Magnus Eye, wich is symbolic.