Somewhat odd about the blinking light but then with water damage there is no logic and anything can happen .
About those stripes though , i wish i could say that the same thing will happen and that they will disappear but in that case i would be very surprised .
If the water seeped in between the layers of the panel then you may have some irreversible damage .
Only way to find out now will be to wait and see .
In case of a defective panel , the only way to repair this would be to replace the panel but I must say that if you could find it , as a rule of thumb the panel cost around 80% of the original cost of the tv then it has to be stripped and rebuilt around the new panel .
Long story short , it could end up costing more than a new tv .
When under warranty , most companies will replace the tv not the panel
Wish i had better news and an easier solution for you today ,like some sort of reset but this is not the case i`m afraid .Still, I hope this help somewhat and I will be in standby if you have any questions.Thank you and please take the time to rate my answer if that answers your question and you can still reach me here at anytime after this chat is rated if you have other questions.