We have a 1995 850 Turbo wagon w/ 110K. The car has had regular maintenance and it runs like a top. The check engine light came on so I ran the codes. I recieved 2-4-1 which I believed is EGR system / flow malfunction. How serious of a problem is this and can I drive without immediate attention. Any idea how easy of a fix this will be? Thanks in advance.

No need for immediate attention. No harm will come to your engine, no performance problems. It will cause an emission test failure if your locatation mandates such tests. Possible causes of this error code include sticking EGR valve, vacuum leak between manifold and egr solenoid or solenoid and valve, or a fault with the EGR temp sensor.

Bob is right,
I would check the rubber vacuum line coming from the large black plastic shroud covering the end of the throttle cable to the EGR solenoid mounted directly over the engine cooling fan. 9 out of 10 times, someone accidentally knocked it off of one end or the other. If you find this is the case and re-connect the line, you should be able to clear the code with whatever code reader you have. If you pulled the code manually, try disconnecting the battery for a good 5 mins. You'll need your radio code though.

Pete