Is the sentence “It is hoped that the Coronavirus would disappear soon” correct formal speech?

Solution 1:

The verb wish can take modally remote finite clauses as complements. The verb hope in contrast cannot. This verb must take what are sometimes referred to as indicative finite clauses.

1. I wish that it will rain today. (Wrong, wish + indicative clause)
2. I wish that it would rain today.
3. I hope that it will rain today.
4. I hope that it would rain today. (Wrong, hope + modally remote clause)

The verb would can be used in indictive clauses when it expresses volition or amenability on the part of the subject. But here the subject must be an animate being:

5. I hope Ben would agree.

The verb would can also just be used to indicate futurity in the past without any modally remote meaning:

6. I hoped it would would rain.

However, neither of these applies to the example given in the question:

D. *It is hoped that the corona virus would disappear soon. (Wrong)

Here the use of would makes this a modally remote clause. As hope cannot take modally remote clauses, this example is ungrammatical.

Much of the relvant information can be found in CGEL (pp. 1002-1004).