Unequal loss protection with systematic Reed-Solomon codes allows reliable transmission of embedded multimedia over packet erasure channels. The design of a fast algorithm with low memory requirements for the computation of an unequal loss protection solution is essential in real-time systems. Because the determination of an optimal solution is time-consuming, fast suboptimal solutions have been used. In this paper, we present a fast iterative improvement algorithm with negligible memory requirements. Experimental results for the JPEG2000, 2D, and 3D set partitioning in hierarchical trees (SPIHT) coders showed that our algorithm provided close to optimal peak signal-to-noise ratio (PSNR) performance, while its time complexity was significantly lower than that of all previously proposed algorithms.