How to patch Meltdown CPU Vulnerability CVE-2017-5754 on Linux

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A very serious security problem has been found in the Intel CPUs. Meltdown CPU Vulnerability CVE-2017-5754 breaks the most fundamental isolation between user applications and the operating system. This attack allows a program to access the memory, and thus also the secrets, of other programs and the operating system. How do I protect my Linux server and laptop/desktop against such attack?