Airline pilots practice a maneuver called V1 cut in case one of the engines fails at V1 but the plane should be able to take off on one engine. If both engines fail at V1... well, hopefully none of us is THAT unlucky.
If it's due to other factors such as icing on the wings, it might be harder for the plane to get to V1 in the first place so it's possible that based on the remaining runway length, the takeoff would be aborted prior to reaching V1.
If you reach that point then you missed something pretty serious prior to reaching there and shouldn't have been conducting that take off to begin with. That's a mistake on the level of leaving the gust locks in the controls during the walk around bad.