The Truth About Cars ran a sky-is-falling-on-old-bricks post but I think the fear of losing RWD Volvos is misguided. They don’t qualify for the CAT program, as they get average gas mileage.
This video documents the death of an Olds Aurora, which qualified because of the V8 engine. Oil is drained, then a solution of water and silica sand is poured in. The car is turned on and run until the engine seizes. Not for the squeemish.
UPDATE: Prolonged death of a FWD Volvo.