I have a '98 Volvo V70 T5. It made the same squealing noise, as the car discussed on the show, for the first 4 minutes after starting from cold.
It is a blower with a bad bearing that is located under the battery. The blower delivers air to the catalytic converter for four minutes to help the converter as it comes up to working temperature.
This blower is only on U.S. spec. cars.
Volvo wants about $600 for a new blower. it is cheaper to just unplug it and live with the check engine light.
Dave