* Airbags may not deploy in a crash: This is the most serious consequence. A non-functioning airbag system significantly increases your risk of serious injury or death in a collision.
* Other safety systems may be affected: The airbag system is often interconnected with other safety features. A problem in one area might affect others.
* The problem could worsen: Ignoring the light won't make the problem go away; it could lead to more extensive (and expensive) repairs later.
You should have the airbag system diagnosed and repaired immediately by a qualified mechanic. Driving with a malfunctioning airbag system is a serious risk. Don't delay getting it checked. The cost of repair is far less than the potential cost of injury or death.