Are there any risks about taking co-codamol and Xanax (alprazolam) at the same time?

Drug interactions. There are drug interactions between codeine and xanax, (alprazolam) probably psychiatric or sedative in nature.
YES. Co-codamol and xanax (alprazolam) can both cause sedation. The effects are greater when the two are taken together and as the doses of the individual drugs get higher. Because sedation can interfere with your thought processes & physical reaction time, they are particularly dangerous if you're performing risky activities like driving. Add alcohol & you have a particularly deadly cocktail.