Let's get a clear understaning of what happened before attempting to fix it....
First off, what do you mean by "my favorites icon"? Unless that is a third party app, I don't know what you mean. I think what you mean is you deleted a folder that held your favorite contacts, is this right? I guess your talking about contacts. If the issue is bookmarks then this info below won't mean much....
Secondly, you stated you "don't have a shortcut for favorites". You probably do, you just may be looking in the wrong place. Longclick on homescreen and DON't click shortcuts. select folders. then select starred contacts.
Unless you actually DE-selected a contact as a favorite then you haven't deleted any favorites. If so, then it's a snap to make a contact a "favorite" -- by the way, drop that phrase from your vocabulary. In Google world, your top contacts are "starred". Go into your contacts (icon in drawer or press phone and and press contacts tab on top) then select a contact you want to "star"... then press that little star in the top right hand corner. then select another contact, and so forth and so on. This can also be done on your PC thru your primary gmial account under contacts - then just resync (settings / accounts and sync / find the account you want to sync and press it).
OK, now once you have all of your top-called people "starred" you can add the folder "starred contacts" to your homescreen.
To further confuse you (joking). You may actually benefit from doing an entirely different approach. The problem with the "starred contact" folder is that it has ALL of the contact info for that contact. so, once you open the folder and then have all of the contact info you have to open the contact, select the number, email, whatever - lots of clicks and NOT a real short shortcut. So, if you want to set up speed dial for you top contacts try this...
1 longpress homescreen / select folder / select new folder
2 open the newly created folder icon / longpress the tiny little header where it says "folder" / type in new name in folder (call it speed dials, contacts, starred, whatever you want)
3 somewhere else in the homescreen -- longpress / select shortcut / select direct dial / find the contact you want - note: this will have a seperate contact line for EVERY phone number. So, if you have someone with work, home, mobile, fax, etc. select the number you want to speed dial.
4 there'll be a new icon on your homescreen with the the contacts name a picture of a phone and a big letter (M for mobile, H for home, etc.) longpress and hold and drag that icon over to your newly created and labled "speed dial" folder.
5 do this for your top 8-12 or so most frequently called contacts and drag all of them into this folder.
Now, you have taken up minimal real estate on your home screen and have "favorites" dialed with 2 clicks. By the way you can also do this for text message by selcting "direct message" instead of "direct dial" on step 3 above -- drag these icons into a folder labels speed text.
OK, that was a rather long answer and may have completely missed your point - but, hope it helped.
To further confuse you (joking)... you can also set up a folder for bookmarks then create a shortcut for bookmarks and drag them into that folder. It eliminates the need to open browser and get to bookmarks thru there.