It looks like mealy bugs (and a lot of them). I use a little neem oil mixed with water and soap in a spray bottle and I try to clean off a bit of it with wet paper towels also (before spraying the neem oil). It seems to work pretty well after a few applications but I have never had that bad of an infestation.
Good luck! I hope it pulls through!
-Alex

That is hideous! I agree with Alex, wipe it down with a wet paper towel first then neem oil. If it comes back or never goes away, soak a paper towel in peroxide, then wipe each frond and leaf down individually, then spray again with neem oil. Repeat as necessary. I would stay away from harsh chemical, insecticides, etc...then again I'm organic. All those chemicals cause cancer and other crap. I've never found that synthetic means were as effective as organic means. The only thing they are more effective at is making you sick!

Thanks for your help! The fronds were very wet when I took the cage off, I'm going to check and see if there was a hole in the bag. My other two the fronds are curled and dry. Not a good year :(

The plant pictured looks dead to me and yes, covered with mold. Is that a palm or a cordyline?