The directionals and four way flashers went out on my 1998 V70XC last night. After reading several conflicting stories and finding nothing in the owners manual, a trip to the junkyard was in order. I read one description that the flasher is an intregal part of the four way blinker switch. THIS IS CORRECT! I grabbed two units. One from a '99 V70Xc and one from an '00 S70. Both are about 1 1/2 wide by about 4" long. One was slightly longer. Swapping them out is EASY!
Put transmission lever in first if automatic, fourth if standard shift. Pull out the radio. Push in the latches with a thin screwdriver, pull on latches, it slides right out. No need to disconnect any wiring. Put it to the left. Reach to the back of the switch in console, gently push out the switch from the console. Be carefull not to snap off either of the little catches, I did on the old one and one of the replacements. Unsnap the two latches on the connector (a thumb nail works). Plug in, reassemmble,you have blinkers again! Here are a couple of pictures courtesy of eBaymotors.