Within the camera, there is a spring mechanism which ejects the lens when pressed. This may break due to a bump, drop or a faulty part which means when the button is pressed the lens does not eject. The camera will need to be repaired.
This is usually a battery issue. The light will be flashing if the batteries are low on charge, batteries are placed incorrectly, or the wrong batteries are used. Be sure that alkaline batteries are used. If the issue persists, this will be an internal board issue which will mean the camera has to be replaced as this is unrepairable.
Lights flashing usually mean there is a battery error. We recommend changing the batteries in your camera/printer and using alkaline batteries. It's also best to change them whilst your camera is in the on position.