I didn't think of testing the flashers - tested everything else, my husband just drove it in to work (using hand signals for turns LOL) and confirmed that cruise is working.

Last week, I had to remove the center console (and seats etc, disconnected battery) when removing the the carpet to dry it (long story, sunroof was not closed all the way), and just read this on a parts description:

"2001 S40 The flasher is located somewhere under the ashtray in the middle of the console."

So if the hazards are out, chances are it is the "flasher unit" under the ashtray - maybe I forgot to plug something back in. Do you know what part the above quote is referring to?