Dear mesint,
May this find you well. I believe that Volvo has extended the working life of SRS system components (airbags and selt-belt tensioners) by 5 years, bringing the total to 15 years. Thus, the parts in 1994 model car will be serviceable until 2009. You might want to consult with Volvo USA (www.volvocars.com).
In general, one should approach SRS components with the Volvo Techmanual in hand. Also, one should have great respect for items, which if mishandled, can be lethally dangerous.
I am not certain what things are done when a system is serviced. It is the case that SRS system parts are very expensive. The sensor (which detects a collision's impact and triggers the air-bag) is about $1,300. A replacement airbag unit is about $1K. If the service requires the replacing of these items, many might choose not to do so.
Hope this helps.
Yours faithfully,
spook
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