Network virtualization can offer more flexibility and better manageability for the future Internet by allowing multiple heterogeneous virtual networks (VN) to coexist on a shared infrastructure provider (InP) network. A major challenge in this respect is the VN embedding problem that deals with the efficient mapping of virtual resources on InP network resources. Previous research focused on heuristic algorithms for the VN embedding problem assuming that the InP network remains operational at all times. In this paper, we remove that assumption by formulating the survivable virtual network embedding (SVNE) problem and developing a hybrid policy heuristic to solve it. The policy is based on a fast re-routing strategy and utilizes a pre-reserved quota for backup on each physical link. Evaluation results show that our proposed heuristic for SVNE outperforms baseline heuristics in terms of long term business profit for the InP, acceptance ratio, bandwidth efficiency, and response time.