What is wrong with my 17" SXGA LCD Medion Monitor ?

About three years ago I bought a tower and a 17" LCD Monitor from Aldi's.
My tower is working okay now since it has recently been fixed but since a power-cut several months ago, my monitor light flashes very fast at times seconds after the tower has been switched on.
You can wait all day for the monitor to work but it won't because... of the very fast flashing light problem.

As an example, when you switch your car indicators on when turning either to the left or right, they flash steadily. Now, when you find one of those indicators flash faster than normal, it means that the indicator bulb needs changing.

When I first bought my Medion Monitor and switched on the tower, the blue light on the monitor either held or flashed at a very slow pace and within seconds, I were able to use the tower and monitor without any trouble.But, as I pointed out above that I had a power-cut and since then, the monitor blue light flashes very fast and won't work at all.

The only way I can get to use the actual computer (that is the tower and monitor together) is by switching off the computer tower for quite some time and waiting yes waiting, for the monitor light to either slow right down (anything between 30 minutes to two days) until it flashes about about every five seconds or wait until the light has actually gone off before switching on the tower in the hope that the monitor will work again.
Even switching off the at the mains for a minute to two days does not make any difference.

Can anyone tell me what my problem is and is it worth getting it repaired.