It's often used metaphorically to mean getting ready for any tough situation, not just weather. The exam week is near, we better batten down the hatches.
Pro Tip 2/3
Informal Tone
This phrase is casual and might be used in daily conversations among friends or colleagues. Looks like a busy season ahead, time to batten down the hatches.
Pro Tip 3/3
Idiomatic Flexibility
Can be adapted to various situations, not constrained to any specific type of trouble or difficulty. They're predicting economic downturn - let's batten down the hatches.