The answer depends on whether you're talking about a column in a database table, or a variable in a PL/SQL program.
Database column
The amount of storage used is proportionate to the size of the data stored.
PL/SQL variable
If the variable is declared with a size 1 to 1999, memory will be allocated for the maximum length (i.e. VARCHAR2(100) will require at least 100 bytes of memory).
If the variable is declared with a size 2000 or greater, memory will be allocated according to the size of the data stored. (an interesting side question would be, if the variable's value is changed, how is the memory resized - does it reallocate another buffer with the new size?)
Reference: PL/SQL Datatypes
Small VARCHAR2 variables are optimized for performance, and larger ones are optimized for efficient memory use. The cutoff point is 2000 bytes. For a VARCHAR2 that is 2000 bytes or longer, PL/SQL dynamically allocates only enough memory to hold the actual value. For a VARCHAR2 variable that is shorter than 2000 bytes, PL/SQL preallocates the full declared length of the variable. For example, if you assign the same 500-byte value to a VARCHAR2(2000 BYTE) variable and to a VARCHAR2(1999 BYTE) variable, the former takes up 500 bytes and the latter takes up 1999 bytes.