A few things could be the reason:
- The wiring to the airbag that goes up the steering
column could be worn.
- The airbag firing mechanism could be faulty.
- The ECU needs resetting. (Engine Control Unit)
- It's wired with Italian electrics! (Bad connections)
Some people have managed to reset it simply by disconnecting the battery for about 1 hour, and then reconnecting it. This has the effect of resetting the ECU back to the factory settings.
If that doesn't work, check the wiring. Wait 30 minutes after disconnecting the battery before attempting to disconnect the airbag.
If still no luck, take it to an auto electrician who has the equipment to reset the ECU and switch off the light.
Note that ECUs "learn" the way you drive over a distance of about 300 miles. So if you reset it, it will have to re-learn. Don't push it really hard for a while or it will come to expect it and give you poor low-rev performance.
Phil Rogers, October 2009