What does the Forward collision / emergency braking light mean?

The forward collision system is switched off or has a fault; it will not warn or brake for you.

How much does it cost to fix the Forward collision / emergency braking light?

Typically $0 to $900 in the US, depending on the cause. Free if cleaning the sensor fixes it; sensor realignment or replacement at the high end.

Urgency:Service soon

Yes — you are driving a car without the assist, so leave more following distance.

$0 – $900

Free if cleaning the sensor fixes it; sensor realignment or replacement at the high end.

A typical range, not a quote. Actual cost depends on the car, the shop and the fault.

Clean the front grille badge and the camera area of the windshield.
If it persists, have the sensor checked — it is a common cause of NHTSA complaints on newer models.