Maybe this will help.
CURE FOR HOOD LIFTING AT WINDSHIELD
After several failed attempts to solve the problem of a raised hood(even replaced hinges once)on my 87 244 I finally solved the problem. I took the hinges off one at a time(be sure to support hood with some kind of prop and place a folded towel between the hood and the windshield cowl). At the rear of the hinge there is an adjustment slot with a locking bolt which in my case I had already set at the lowest possible position. I removed the bolt and with a dremel grinding bit I extended the slot about a quarter of an inch lower. I also used the grinding stone to smooth the bottom of the hinge of excess paint and what looked like globs of some type of glue. I cleaned the area where the hinge attaches to the fender and reinstalled the hinge and my hood sat flat for the first time since I have owned the car.
Bill Arrington

the bolt is just to the left of the circled area

http://www.brickboard.com/RWD/volvo/1352444/220/240/260/280/hood_hinges_hinge_bolts.html

1. oil all parts of the moving sections of the hinge WELL

2. to lower the back corners notice on the section of the hinge which bolts to the frame NOT hood there is small section which affixes to the frame bolted part by a square teat through a punched out section and the back part of this piece has a bolt through an elongated punched out section.

it is this bolt which you need to adjust to its most downward position to get the hood to retract downwards. be aware as son as you loosen this bolt the spring will cause this bolt to ride up in this elongated section. to counteract this and force it down as far as it will go you need help or be able to conjure one arm to the front of the open hood and pull down and back wards like a lever to force the spring and bolt to move down to the bottom of its slot. at the same moment tightening the bolt once it can go no lower.

it is actually easy once you get the motions needed

I've replaced several hinges and had this a few times. I oil well and use it a while and seems to get better. I assume it's a problem w/ the spring when it stays that way but don't really know
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240s: 2 drivers and some parts cars