Possible Causes
WARNING: This page is about a different car, the 1995 Ford Pickup, 1995 Ford F-Super Duty, 1995 Ford Cab & Chassis, and 1995 Ford Bronco. However, it is still accessible from the selected car via links, so may be relevant.
Rapid flashing of AIR BAG light may be caused by both front impact sensors being disconnected from wiring harness or main wiring harness not connected to engine compartment wiring harness.