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The rainbow-like lights inside the camera might possibly be a leakage of oil inside the camera. Some of the questions below about camera care and its history might be relevant to this.
Try removing the batteries, and leaving the camera on a (dry, non-humid, non-dusty) shelf for overnight. Then put the batteries back in and try the camera again.
How old is the camera? in months or years since you bought it.
How long has the battery or batteries in the camera been in-use? If over a year, then you might possibly have a battery/batteries that are getting weak. Rechargeable batteries do get weaker with time, and eventually fail to deliver enough power to start up a device like a digital camera; they then need replacing. The replacement battery needs to be charged up for 6+ hours before its first use, owing to its having been on a shelf for a considerable time.
Has the camera been dropped or otherwise subjected to mechanical shock(s) in its lifetime?
Has the camera been operated in or subjected to, temperatures below 32 degrees F (freezing point) or above about 100 degrees F ?
Has it ever been subjected to a humidity higher than 85 % or gotten wet ?
Has the camera been operated in a gritty or sandy environment, such as a beach, a seaside, a construction site, or the like?
If you wish to have the camera repaired, you could send it to Panasonic UK.
Digital Still Cameras
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