I had the same problem on my JVC 36260 36 inch. I called a in house technican ...it was a short in my mother board... the cost was painless. The work was done in my home within an hour. GoodLuck.

There is nothing externally that you can do, as a flashing timer light is a visual warning that the internal power supply has shut down due to the protection circuitry having detected a fault, and in the case of your model most likely associated with the vertical scan IC circuit.