General warning lamp
WARNING: This page does not describe the selected car, but rather 7 other vehicles, including the 2007 Volvo V70, 2006 Volvo V70, 2005 Volvo V70, 2004 Volvo V70, and 2003 Volvo V70. However, it is still accessible from the selected car via links, so may be relevant.
The function is to display different "faults" in the car. When a lamp lights this is followed by a text message which presents the driver with additional information about why the lamp has lit. From model year 2002 inclusive the color of the lamp has changed from orange to yellow / red. The lamp lights red in the event of serious faults, or yellow for less serious faults.