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It is important for you to post the make of your printer. Anyway, it sounds like your new cartridge is faulty, which is not unusual. First of all, turn your machine off, unplug it, wait a minute, then plug it in and turn it on. If the problem is still there, try another new cartridge. If the problem goes away, get a refund for the one you just replaced.
Both red lights flashing? One should be for paper jam and the other for low/insufficient ink. I presume this is a deskjet/injet printer. The combination of these two lights flashing usually indicates a more serious issue rather than just low ink or paper jam. It is indicative of incompatibility of ink cartridge. After a while some cartridges just could become incompatible with the machine. All things being equal (i.e. no paper jam issue) a replacement of your ink cartridge will resolve this issue. Just get brand new ink cartridge/cartridges. It is usually ok to replace only the one that has become incompatible. But the issue is you need to troubleshoot to determine. You may not have the resources to do this, so better to replace both or replace one-by-one.
I had the same problem with all lights flashing nothing working, happened after a panic power shut down. As with peter after the paper button was released, printer lit up like a christmas tree again. I played around with the button combinations and found that holding down the ink button instead of the flashing paper button cleared the problem. Great tip guys saved me a lot of money. cheers me dears clive.