S80s involved in the recall were manufactured between March 8, 2006 and May 16, 2007. You can check to see when your car was made on a label affixed to the driver-side doorjamb.
Volvo says the recall will begin in August. Dealers will inspect the hose and make the necessary repairs free of charge. Concerned owners can call Volvo at 201-768-7300 or NHTSA at 888-327-4236.