Java “Error occurred during initialization of VM” fix?

I was trying to make a Minecraft server and got the following error on startup:

Error occured during initialization of VM Could not reserve enough space for object heap Error: Could not create the Java Virtual Machine Error: A fatal exception has occurred. Program will exit.

I tried everything I could find: I created CLASS and CLASSPATH environmental variables that went to my Java’s bin folder. I re-installed java, making sure it was 64 bit, as my computer is. Still, I get this error. Does anyone know a solution?

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