Depends on your lights. For LIFX such effects are pretty much buildin.
For restoring the previous light state I would have an app ready for you.
Will save all config data of your lights and restore them on demand by flow cards.
However, making “dumb” lights blink will need bit more tinkering. Maybe the Chronograph app can be of use for you there. It enables you to change capability values based on timers.
Or if you want a hard blink you could go with alternating executed flows. Just at the end of set red flow trigger the reverse flow with a delay. And use an IF ELSE card to break the cycle when your back to normal condition is met.