The continuous growth of meteorological data sets is a major challenge for future versions of the AWIPS system. Appropriate data compression can significantly reduce the delivery time and storage space for these large data sets. In this paper, we investigate the application of state-of-the-art data compression techniques to different types of meteorological data. High compression ratios have been achieved using both lossless and lossy schemes. Wavelet transform-based encoding schemes proved to be extremely effective. The results of the tests with different compression schemes and different data types are presented.