This is a very interesting idea and one that might work. Adriano, who grows lots of figs in containers in his yard just south of Toronto, uses this method to store figs over the winter months. (I don't have access to my files right now, but from memory...) He made a 4x8 foot box that was about 24 or 30" tall if I remember correctly. He may have used some insulating foam on the sides or just filled it some some sort of mulch or straw. Perhaps someone else can clarify my unclear memory of what he does. He packs them in and seals the top.
Adriano is also in a relatively warmer zone due to his proximity to Lake Ontario.
Apparently there is enough trapped moisture to keep them from drying out.
Be careful with the insulating material that you choose. I lost my three in-ground figs due to vole damage this past winter - I went 10 years without a problem and then they showed up, causing complete destruction. So, do some vole and rodent research so that you can prevent a disaster. For me, I had used leaves as the insulating material and should have used something else.
Ingevald