In this work we present an efficient fine granular scalable video compression scheme which supports a fast bit rate adaptation independent of the encoder. The proposed scheme generates an embedded bitstream for each frame or, by appropriate multiplexing, for each group of picture. This rate-scalability is supported by an embedded bitstream which allows decoding at multiple rates, or to be more specific at virtually any rate. Drift removing techniques based on intra refresh or feedback mechanisms are presented. We show the potential of this video codec for variable bit rate channels as well as in combination with an unequal erasure protection scheme for error robust and efficient transmission over packet erasure channels. Possible enhancements of the presented coding schemes are discussed.