If the EPA designates your private property or farmland a wetlands or environmentally sensitive, does it compensate you for your loss?

Generally speaking, the answer to your question is no.  However, if you can prove that a governmental land-use regulation denies you "any economically viable use" of your property, it may be considered a "regulatory taking" of your property that may entitle you to just compensation. With regard to classifying a portion of a property as a wetlands or sensitive area, the burden of proving that there is no "economically viable use" available to the property owner is difficult to overcome.  If the classification affects the entire property, the burden is lessened. To press a claim for regulatory taking, a property owner needs to initiate an inverse condemnation proceeding to recover the just compensation for the taking of his or her property, provided that procedural hurdles have been overcome. Such a case could be filed in federal or state court by an attorney properly licensed in the applicable court. Good luck.