The following instrument cluster warning lights are all powered in parallel by the flexible printed circuit on the back of the instrument cluster: SRS, transmission OD lockout, coolant level, ABS, parking brake, brake fluid, lamp monitor, oil pressure, battery charge, windshield washer fluid, service light, and check engine light. If any of these warning lights work, you have power to the instrument cluster for the warning lights.

You probably have a bad flexible printed circuit. I have found over 50% of these have failures, and I repair them by soldering a wire on the back of the printed circuit.

If you get lucky, it will be just a bad warning lamp, but I doubt you'll be lucky. I remove the instrument cluster, remove the above mentioned warning lamps, and start checking for continuity between those warning lamps on the power supply side. The printed circuit usually fails where it curls under the bottom of the instrument cluster. I've made a post with pictures regarding this repair. I did not find it in the 700/900 FAQ.
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john

Dear Calvin,

Hope you're well. The Volvo pocket data booklet - Cars (700,850,900) 1991-1996 has tables showing fuse "assignments", but there's no mention of the emergency brake switch. My best guess is Fuse 22, through which passes power to the rear ashtray light and to the gear selector light bulb.

Has any work been done which required removal of the gear shift console and storage box?

Hope this helps.

Yours faithfully,

Spook