Manufacturers warn of damage to catalytic converters from bad oxygen sensors, however, I have never seen an 850 catalytic converter go bad. You may expect to have decreased gas mileage, perhaps a sulphur-smelling exhaust and maybe some sluggishness. On the other hand, the code generated may be related to another problem effecting fuel mixture such as a vaccuum leak or bad air mass meter. I'd say drive it and deal with it when you get back.
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DJB '65,'68 122, 93 940t, 98 V70 AWD, etc...