In for a penny, in for a pound ...
OK, I'm entirely prepared to be wrong on this, but ... (and I'm bolstering my half-remembered definitions by reference to Wikipedia, which is not always wise)
Flourescence: Absorbtion at one wavelength and re-emission at a (potentially different) wavelength.
Reflection: Reflects at the same wavelength as the incident light, and at the same time, and potentially filters a specific colour.
retro-reflection reflects light straight back to its source without (much) scattering.
Phosphorescence: Like fluorescence, but there may be a time gap between the absorbtion and re-emission
Luminescence: A blanket term for various kinds of non-heat related light emission. Flourescence is a kind of photoluminescence. As is Phosphorescence.
A high vis jacket works by (retro)reflection
The luminous dots on watch hands are phosphorescent
Things that glow under black light rely on fluorescence (where the incident UV light is invisible, but the re-emitted light is visible).
For the flag to be fluorescent it would need to be coated with a fluorescent chemical that absorbs and re-emits energy, unlike high vis, which relies on simple reflection.
But I'm entirely happy to be wrong about the above. I'm not claiming to be an expert.
Also, the word "fluorescent" in common usage also can be taken to simply mean brightly coloured, but accepting common usage takes all the fun out of pedantry.