ERROR Android emulator gets killed

After updating to Android Studio 2 when I try to run my application and choose an emulator, I wait for the emulator to start and it suddenly gets killed. I can see emulator process for some minutes but never the gui. In Android studio I get the error

android studio Error while waiting for device: The emulator process
for AVD was killed

This happens even if I run the emulator outside Android Studio. I have tried with both aa Android 6 and Android 4.4 based emulator.
Running on a Windows 7 x64 PC. Similar post to another stackoverflow post which was closed. I have tried various ram, vm heap and resolution settings.

I hit this issue trying to run Android API 30. In the end, I had to upgrade Android Emulator to 30.1.5 (it was 30.1.2 before this).