I did some research, and there has been a
lot of thought put into emergency signaling balloons - there are nearly 100 US patents on various facets of the idea (mainly expired), with the first one in 1906!
Here's what I found. If you organized all this material, you'd easily have enough for a book! And I'm sure I didn't get everything - the foreign patent coverage, in particular, is pretty "hit or miss".
http://www.google.com/patents/US827350 (1906!) #
http://www.google.com/patents/US2395006 https://www.google.com/patents/US2398744 Sea Rescue balloon
http://www.google.com/patents/US2415118 http://www.google.com/patents/US2409166 (for searchers, colored)
http://www.google.com/patents/US2629115 (LIGHT: Distress balloon with flashlights
http://www.google.com/patents/US2646019 (LIGHT: signal balloon, compact, on person, fluorescent or luminescent)
http://www.google.com/patents/US2619303 (LIGHT: cited by patent US4787575 for hunters: illuminated balloon, radar reflective)
http://www.google.com/patents/US2842090 (with smoke)
http://www.google.com/patents/US2862531 (lost sportsman)
http://www.google.com/patents/US3002490 (bright color, reflective disk, flag)
http://www.google.com/patents/US3049227 (survival kit with breath-inflated balloons)
http://www.google.com/patents/US3132626 (carried by hunter )
http://www.google.com/patents/US3154050 (person in distress)
http://www.google.com/patents/US3174455http://www.google.com/patents/US3181158 (distress balloon lofts radar reflector, tether acts as distress radio antenna)
http://www.google.com/patents/US3187712 (fluorescent balloon)
http://www.google.com/patents/US3253573 (appears to show light (108))
http://www.google.com/patents/US3279419http://www.google.com/patents/US3310024http://www.google.com/patents/US3381655https://www.google.com/patents/US3395877 (visible to rescue aircraft )
http://www.google.com/patents/US3461835 (rescue work at sea, water activated sodium borohydride)
http://www.google.com/patents/US3471854 (on the person of an outdoorsman personal rescue aid - balloon and flashing light)
http://www.google.com/patents/US3487810http://www.google.com/patents/US3187712 (Fluorescent balloon for distress)
http://www.google.com/patents/US3425390http://www.google.com/patents/US3526202 (with light: helium balloon, electrically illuminated, oscillating reflectors)
http://www.google.com/patents/US3547073 http://www.google.com/patents/US3592157 (Illuminated balloon for distress)
http://www.google.com/patents/US3604001 (balloon for rescuing downed pilots - optical corner reflectors <yeah!>)
http://www.google.com/patents/US3657752http://www.google.com/patents/US3721983 (balloon for hunters in distress, illuminated, brightly colored, radar reflective)
http://www.google.com/patents/US3727229 http://www.google.com/patents/US3735723http://www.google.com/patents/US3746285http://www.google.com/patents/US3796181 (lost or help balloon)
http://www.google.com/patents/US3874325http://www.google.com/patents/US3881531http://www.google.com/patents/US3929091 (drawing attention to persons in danger)
http://www.google.com/patents/US3930448http://www.google.com/patents/US3941079 (canister for hiker lost or injured, bright colored balloon with radar/optical reflective foil)
http://www.google.com/patents/US3951260http://www.google.com/patents/US3964427 (injured hunters)
http://www.google.com/patents/US4013035 (people lost, radar reflective, daylight fluorescing balloon)
http://www.google.com/patents/US4020786 (people lost in forests)
http://www.google.com/patents/US4042882 (distressed person, radio transmitter)
http://www.google.com/patents/US4052955 (a person who is lost, smoke, "SOS")
http://www.google.com/patents/US4044711 (distressed hunters balloon helium/hydrogen, "SOS", distinctive color, radar reflective)
http://www.google.com/patents/US4094267 (distress injured hiker red/orange helium balloon "HELP" both sides)
http://www.google.com/patents/US4102296 (balloon lighter than air, radar retroreflector, safety device)
http://www.google.com/patents/US4114561 http://www.google.com/patents/US4123987 (distress balloon with reflective metallic, transmitter)
http://www.google.com/patents/US4178867 (LIGHT: cited by US 4787575 with light - claim 4)
http://www.google.com/patents/US4185582http://www.google.com/patents/US4120259 (Res-Q-Devices, lighter than air balloon, hydrogen generator)
http://www.google.com/patents/US4219819 (lost overboard, lighter than air balloon, IR emitter, radio transmittor, radar reflect)
http://www.google.com/patents/US4295438http://www.google.com/patents/US4416433 (LIGHT: cited by US4787575 lost hunters signalling light, strobe light)
http://www.google.com/patents/US4586456 (LIGHT: lost hunting lighter than air balloon, canister, "a lamp for illuminating the balloon")
http://www.google.com/patents/US4696252 (hunter injured distress helium balloon radar reflective streamers)
http://www.google.com/patents/US4697706 (hikers helium balloon life spotting package international orange helical reflective stripe)
http://www.google.com/patents/US4722498 (injured hiker)
http://www.google.com/patents/US4787575 (LIGHT (cited by US6523778) Signal Balloon device to locate a person in distress)
http://www.google.com/patents/US4800835 (distress balloon, radar reflecting)
http://www.google.com/patents/US4815677 (distress emergency locator balloon helium, radar strips)
http://www.google.com/patents/US4836128 (lost backpacker)
https://www.google.com/patents/US4872414 ( emergency signal balloon, "CALL 911", hunters orange, reflective silver faceds
https://www.google.com/patents/US4884990 (LIGHT: luminescent balloon - cites "long felt need" in Chetlan 2,646,019
http://www.google.com/patents/US4901664 (survival kit signal balloon)
http://www.google.com/patents/US4917041 (outdoorsman, LTA balloon, get help when an accident occurs)
http://www.google.com/patents/US4944242 (mylar helium rescue balloon, orange and reflective mylar surfaces)
http://www.google.com/patents/US5005513 (canister, hydrogen emergency signalling balloon)
http://www.google.com/patents/US5007367 (distress signal balloon, helium)
http://www.google.com/patents/US5020467 (Balloon with "I NEED HELP"_
http://www.google.com/patents/US5095845 (reflective to sight and to radar - really nice forest picture )
http://www.google.com/patents/US5262768 (LIGHT: rescue beacon balloon with electric-powered flasher bulb)
http://www.google.com/patents/US5301631 (injured person one hand rescue balloon)
http://www.google.com/patents/US5429244 (lost hiker, balloon, cartridge of LTA gas)
http://www.google.com/patents/US5555839http://www.google.com/patents/US5582127 (CANISTER: Balloon in cylinder for lost person )
http://www.google.com/patents/US5634427http://www.google.com/patents/US5838275 (LIGHT: for distress: balloon with light, radar retroreflector, transmitter)
http://www.google.com/patents/US5857760 (LIGHT: locating victims in the woods, lit by fiber optic cable - functional illumination (REFS)
http://www.google.com/patents/US6032607http://www.google.com/patents/US6082287 (balloon distress signals - glow in the dark)
http://www.google.com/patents/US6109203http://www.google.com/patents/US6164239 (lost or injured hikers, spins to flash)
https://www.google.com/patents/US6178915 LIGHT: halogen strobe light, balloon, helium, "HELP", light on upper extent of each balloon
http://www.google.com/patents/US6195039 (LIGHT: strobe light, balloon, transmitter, radar reflective, downed or ejected pilot)
http://www.google.com/patents/US6244209 (crowded prior art)
http://www.google.com/patents/US6359568 (balloon with "HELP" on it)
http://www.google.com/patents/US6386137 (crowded art)
http://www.google.com/patents/US6384764 ( rescue operations - radar detectable balloon)
http://www.google.com/patents/US6477979http://www.google.com/patents/US6523778 ( The Night Fun patent: Illuminated Emergency Signaling device and flying balloon)
http://www.google.com/patents/US6805071 ( victim rescue balloon in canister)
http://www.google.com/patents/US7886682 (balloon and chemlights)
http://www.google.com/patents/US8356569 (persons in emergency)
http://www.google.com/patents/US8534217Foreign patents & applications
https://www.google.com/patents/EP0012744A1 1980 rescue balloon
https://www.google.com/patents/CA1245914A1 1988 Signal balloon
http://www.google.com/patents/DE4445885A1?cl=en ( 1996 - locating lost people, balloon with flashing light, antenna, radar reflector)
http://www.google.com/patents/WO1979000954A1?cl=en (1979 - two complementary colors, with "HELP" on it)
http://www.google.com/patents/DE2903384A1?cl=en (1980 distress balloon)
https://www.google.com/patents/DE3317500A1 (1984 balloon a height above the surfer in difficulty
http://www.google.com/patents/WO1986006041A1?cl=en (1986 radar reflective distress balloon)
http://www.google.com/patents/EP0303491A2?cl=en (1989) radar reflecting)
https://www.google.com/patents/WO1989006845A1 (1989 distress balloon)
https://www.google.com/patents/CA2022738A1 (1990 rescue balloon with fluorescent paint for night sightings)
http://www.google.com/patents/WO1991015266A1?cl=en (1991)
https://www.google.com/patents/DE3931690A1 (1991) Signalling balloon with line acting as electrical lead for signal light or transmitter
http://www.google.com/patents/EP0581340A1?cl=en (1994 radar reflecting distress balloon, helium or hydrogen)
http://www.google.com/patents/DE3625812A1?cl=en (1988) Distress Balloon
http://www.google.com/patents/EP0324593A1?cl=en (1989)
http://www.google.com/patents/DE19622642A1?cl=en (1996)
https://www.google.com/patents/DE19631790A1 (1998: LIGHT: Helium balloon including SOS blinking light for night)
https://www.google.com/patents/DE20021350U1?cl=en (2001) LIGHT: Emergency signal balloon
http://www.google.com/patents/WO2002002401A1?cl=en (2001 - Night Fun)
http://www.google.com/patents/WO2004072920A1?cl=en (2003)
https://www.google.com/patents/DE202008008311U1 (2008) Rescue balloon
https://www.google.com/patents/CN201974889U (2011) Emergency help balloon
https://www.google.com/patents/CA2776511A1 (2012) LIGHT: Search and Rescue Balloon - LED light inside blinks SOS
https://www.google.com/patents/US20130291787 (2013) LIGHT: Illuminated Emergency Notification Balloon
=============
aircraft crash balloon:
http://www.google.com/patents/US2160974https://www.google.com/patents/US2778332https://www.google.com/patents/US2867799https://www.google.com/patents/US2923917https://www.google.com/patents/US3332390https://www.google.com/patents/US3676779https://www.google.com/patents/US3945338http://www.google.com/patents/US4048565 ( LIGHT - cited by US6523778)
https://www.google.com/patents/US4298777https://www.google.com/patents/US3465987=============
lit balloons:
http://www.google.com/patents/US5947581========= misc
FR 2 372 075 discloses a helium filled distress balloon whose altitude is stabilized using air, and which is fitted with a transmitter.
https://www.google.com/patents/US20060231012 2006 Application - signal balloon with streamers
https://www.google.com/patents/US20110092257 helium lift antenna
https://www.google.com/patents/US3425390 Boat emergency signal balloon
https://www.google.com/patents/USD310641 1990: Package of rescue balloon kits
https://www.google.com/patents/USD313767 1991: Inflatable distress balloon kit
https://www.google.com/patents/USD335468 1993: Balloon distress signal kit
https://www.google.com/patents/USD332578 1993: Inflatable distress balloon kit
https://www.google.com/patents/USD353344 1994: Helium inflatable distress balloon
https://www.google.com/patents/USD476589 2003: LTA Survival Balloon, says "HELP".
U.S. Design Pat. No. Des. 335,468 to Cumming discloses a Balloon Distress Signal Kit.
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