Throwing better hardware at the problem always helps. I've tested CSVREAD on my laptop (Core i7 620M/8GB RAM/SSD X25-M). Importing 2M records to disk table took 26136 ms 13,068 µs/op, importing 2M records to memory table took 18474 ms 9,237 µs/op, which is quite close to your requirements. Also, using server VM improves performance of h2 database considerably.
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