URGENT...get this checked out immeadiately at a garage with fault diagnostics computor and very competant technician. The flashing means the engine management control has detected a fault code.
with mine a transfer pump had developed a fault and pumped the engine oil into the fuel tank... result was serious and catastrophic failure. the sludge coats the crank and camshaft sensors.. they then fail...the injectors also get blocked. common fault aparantly on Octavia and Audi. Cost me £2500 grand to fix.
good luck but get it checked urgently