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Somehow, you need to get the codes read. Hopefully, it is only a solenoid at the tranny that has failed.
You could try disconnecting the battery for 10-15 minutes to clear all of the codes and restart the car. If the blinking lights come back on as soon as you shift out of P, a good scanner will be required to determine what is wrong.
It would be good if you have a Volvo indy shop not too far away. If the car is drivable in L or 3 and not too many traffic lights... just be prepared to have it towed.
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My name is Klaus and I am a Volvoholic.
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