Launcher results in "game crash"

Was playing minecraft yesterday. Today when I opened it, it started with "game crash" I got the same result when I changed all the settings in launcher back to default.
De-installed all MC files, re installed from fresh download, upgraded Java and still it fails.

[0701/221409:INFO:GameCallbacks.cpp(193)] launcher/launcher (main) info Error occurred during initialization of VM
Could not reserve enough space for 1048576KB object heap