The engine went into 'limp home mode' due to a problem detected by the ECU. You will need to either go to a VW/Audi garage or a diagnostics specialist (probably cheaper) & get the stored fault codes read. If there are a lot, some may be from a previous problem, they will need clearing & then re-read after the next time you get the flashing glow light & that will point the garage, if they are competent, towards the fault.
Provided your oil & water are at the correct levels there should be no problem with driving the car.
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