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(in the US) Some cities and towns have installed a system at major intersections that can be activated when an emergency vehicle (fire apparatus - ambulance - police) are on an emergency assignment and approaching that interesection. The flashing strobe is an indication to motorists to be alert for emergency vehicle traffic and be prepared to stop regardless of the indication of the regular traffic lights.
Proceed with caution.
This differs depending on the intersection. Some intersections are forever flashing red. Some intersections only turn green when there is a trigger such as a pressure-pad or a crossing signal.
If it is safe for you to do so and ensuring you do not break any laws yourself (eg crossing a red light), try and pull over to let the emergency vehicle past.
It means you should slow down and be prepared to stop if necessary. "Slow down and cross the intersection carefully."
it means there is a pedestrian crossing
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It means you should slow down and be prepared to stop if necessary. "Slow down and cross the intersection carefully."
The flashing yellow lights means proceed with caution.
A flashing red light at an intersection is equivalent to a stop sign. It indicates that drivers must come to a complete stop before proceeding, and they should yield the right of way to any other vehicles or pedestrians before proceeding through the intersection.
A flashing yellow light means you should drive with caution when approaching and moving through the intersection.
Active crossing. A highway-railroad grade crossing that has flashing lights with or without crossing gates is called an "active railroad crossing". This is because it is activated automatically by the approach of a train, and shut off as the train passes. In the US, there are crossings that may use flashing lights that are not activated automatically, but nearly all were retired in the US by 1990. The watchman controlled flashing light grade crossing in southern New Jersey made headlines when it was retired in 1990, as the last of its kind in the country.