Any one of below options would resolve this fatal error.
Running the Google drive with Windows 7 compatibility mode
If you're facing this fatal error while installing Google Drive, run the Google Drive installation file with "Windows 7" compatibility mode. And if you're facing this error while running the Google Drive application, run the Google Drive application with "Windows 7" compatibility mode. Follow below steps to run windows application with "Windows 7" compatibility mode.
1. Right click on the "googledrivesync.exe" and choose "Properties" as below
2. Click "Compatibility" tab and tick "Run this program in compatibility mode for:" and choose Windowns 7 operating system.
That's it, if you run the application now, it will not raise fatal error.
Copying Python26.dll into Google Drive folder
If the above option is not working for you or you've a trouble in doing yourself, you can follow this to quickly resolve the issue.
Downlad the Python DLL file here and place the downloaded file into C:\Program Files\Google\Drive (Google Drive root folder).
This option will not require Google program compatibility settings to be modified.