Dashboard red lights

As long as the light is yellow and not red you are fine to drive . The yellow is just a caution light . If any red lights come on thats when you need to stop or not drive it

Manufacturers spend billions of dollars a year refining their cars' on-board diagnostics systems. However, all of the sophisticated diagnostics in the world will do little good if you don't know what the warning lights mean.
Purpose
Modern automobiles have dozens of sensors to monitor engine, braking and chassis performance. Any deviation from the car's established limits will trigger a dashboard warning light.


Check Engine Light
Check engine lights can indicate failure of the emissions system, fuel injection system, faulty sensor feedback, overheating or lack of voltage, transmission failure, and engine knock ignition system failure.


Brake Lights
Almost all cars have two separate lights for the braking system: a red "ABS" (anti-lock braking system) light and "Brake Warning" light. The former indicates failure of the electronic anti-lock system, the latter a loss of fluid pressure in the brake system itself.


Dynamic Warnings
Many modern cars have traction or stability control systems that prevent and notify the driver of tire slippage. These lights can come in the form of amber "SLIP," "TC," or "TRACTION" lights (for spinning tires), or "ESC" (electronic stability control) lights for a sliding vehicle.


Safety Lights
Most cars have a diagrammatic warning that indicates a door that isn't all the way closed, a seat-belt warning light, and an "airbag disabled/enabled" light. Any or all of these will be red or amber.


Read more: Car OBD2 diagnostic tool

Your abs module is bad. A bad abs module will make all of those lights come on, on your dash and it will basically disable your car so that you cannot drive it anymore.

Check rotor and brake pad thickness.
Then,
Check the sensor.
then
Check the computer and reset condition codes.
Best,

hi abs light indicating you have sensor down on brakes or master cilinder is on its way out,try checking sensor will need to go to a back street garage cheaper

having the same problem with my 1999 s80 2.9 . replaced the abs module twice and still get the brake failure warning. when the ignition key is turned there is a clicking sound from the center console beneath the shifter, then the brake failure warning, and the car will not start. (also after the last abs module replacement the car sometimes gets stuck in park).

I have had the same problem with my car for 3 months now. It is the ABS module that needs to be replaces. Ignore the stop ASAP light the brakes will still function as standard brakes. You just don't have ABS brake functionality or STC when those lights are on. Your car should still drive fine. Go on line and order a rebuilt ABS module for about $200 and the problem is solved. Hope that helps.

i had a problem in my S80 .Abs ,STC Brake failure,check Engine and speedometer all of tese didn't work , i just changed the ABS module...it's done now :) just perfect

transmisson replacement is necessary.
thanks.

abs circuit board normally also can cause no speedo /1st you need to have volvo read the code and give you a print out or just throw money out the car window? generic scan tools are very limited on codes and history