Launcher crashes with 'Fatal error occurred outside of Java Runtime Environment'

When clicking on the launcher it goes to the 1.7.4 game window, that disappears, then the launcher reappears. In the Development Console tab it reports a Fatal error outside of the Java Runtime Environment. I have attached a text file of the contents of that tab.

Please note that I last used the game when we were at 1.6.4... Took a bit of time off... Today was the first attempt after downloading the new launcher.