Yes. There should be a circlip where it emerges from the housing. Remove that and any washers, noting where they came from, and you should be able to work the spindle out of the housing. Once it's out you clean all the corrosion off with sandpaper or Scotchbrite, grease it and reassemble. The hardest part is getting it back on the motor in the right place.
I haven't actually done an 850 rear wiper, I've done a 940 one and 850 front ones but the principle is the same.
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1996 Volvo 855 2.5 20V GLT
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