The light on my surge protection extension plug is flashing, should i be worried?

I have a surge protection extension plug (its roughly 2yrs old)
it has two lights …
A red light to show the power running through the extention plug and a Green light to show the surge protection.

Yesterday i noticed that the Green light wasnt on (not sure how long it had been that way)
and the red right is flickering

What does this mean?
Should i be worried?

it means it has activated and protected your equipment however it needs to be replaced as it no longer can protect your equipment – these are one time devices relying on sacrificial components to save your electronics. and since its had a surge the sacrificial components have burnt out and a NEW one is needed to ensure ongoing protection..