Could be the same fix as this:
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There is no need for compressed air.
Pull the front section of carpet up from the center console (passenger side) You will see a black rubber hose going from the box to the tunnel, passing through the tunnel via a white plastic 90* elbow. The elbow tends to become clogged with debris from leaves etc. that get past the cabin filter. remove and clean the 90* elbow. Also check the heat sheild while the elbow is out. There have been issues with some of the P1 cars where the exhaust heat shield/insulation is too close to the drain opening and tends to collect the moisture and swell up, when this happens it blocks the opening and clogs the drain from the outside.
If you are noticing moisture in you carpet it is guaranteed that the foam under the carpet in the rear and right front are full of water. I would pull the right front carpet and the rear carpet and hang them in the sun or a warm dry area with a fan blowing on them to allow them to dry thoroughly.
Also make sure you have had your cabin filter changed recently. Volvo updated the filter design a while ago to prevent debris from getting around the filter.
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http://volvoforums.com/forum/general-volvo-chat-5/v50-c-drain-clogged-33723/