What does the cryptic crossword clue "Radio's studied later, after accident or crisis? (3,5)" mean?

The definition is "crisis". The wordplay uses a homophone (sounds like). RED sounds like READ = studied, then (LATER)*. The answer is RED ALERT.

Radio's studied later, after accident or crisis? (3,5)

Times Cryptic #28575 | 16 Down | 2023-04-12 flower